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Question - Bea bought her home 10 years ago for $250,000. She converted it to a rental property with the value of the home is $200,000. She rents it for two years, during which time she claims allowable depreciation of $6000. She then sells it for $194,000. What is her allowable loss (before applying rules such as IRC section 1231 or limitations on capital losses)?
A) 0
b) 6000
c) 55,000
d) 56000
During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income of $390,500.
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