On January 1, 2021, David Smith owned a commercial rental property which had an adjusted...
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Accounting
On January 1, 2021, David Smith owned a commercial rental property which had an adjusted basis to him of $270,000. David made the following expenditures during 2021:
Ordinary painting of building $ 6,000
Repair of roof section (useful life not appreciably extended) 2,400
Expansion to add loading dock 23,000
Property taxes 6,000
What is Davids basis in the rental property at the beginning of 2022 and how much depreciation would be deductible in 2022?
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