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7 February, 11:02

Arianna's personal residence has an adjusted basis of $230,000 and a fair market value of $210,000. Arianna converts the personal residence to rental property. What is Arianna's gain basis?

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  1. 7 February, 14:40
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    Arianna's gain basis $230,000

    Explanation:

    given data

    adjusted basis = $230,000

    fair market value = $210,000

    solution

    As here Arianna's gain basis will be as adjusted basis before the conversion of property when it is use personal to income

    because here it is standardize

    when Arianna convert his personal residence in to the rental property

    so here Arianna's gain basis $230,000
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