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Five years ago tab purchased the machine for 120000 the

Question - On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. What is the basis of the machine for cost recovery?

$70,000

$90,000

$120,000

$140,000

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Accounting Basics: Five years ago tab purchased the machine for 120000 the

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Accounting Basics: Five years ago tab purchased the machine for 120000 the

Reference No:- TGS02783030

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