Business, 14.11.2019 23:31 milly1903

On june 1 of the current year, tab converted a machine from personal use 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?
a. $70,000
b. $90,000
c. $120,000
d. $140,000
e. none of the above

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On june 1 of the current year, tab converted a machine from personal use to rental property. at the...

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