Problem 30 (amount realized and basis determination) LO.1 Kareem bought a rental house in March...
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Problem 30 (amount realized and basis determination) LO.1 Kareem bought a rental house in March 2008 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2010, he had a tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciation on the house and $1,300 for depreciation on the court. In January 2013, he sells the house and tennis court for $330,000 cash. a. What is Kareem
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