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Question - Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago) that she is planning to use in her business.
Asset
Purchase Price
FMV at Time Converted to Business Use
Computer
$7,100
$5,400
Pinter
4,900
4,750
Desk
5,800
5,600
File cabinet
4,800
4,825
Using the above information, what is the depreciable basis that Brittany should use in her business for each asset?
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