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Determine his adjusted basis for the building

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Question - Juan acquired an apartment building with land Determine his cost recovery for 2021 on November 14, 2021, for $2 million. The value of the land was $400,000. Juan sold the apartment building and land on November 22, 2028.

Determine his cost recovery for 2028

Determine his adjusted basis for the building as of the date of sale.

If Juan sold the entire property for $2.5 million, how much was his gain?

Reference no: EM133125277

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