Question

In: Accounting

All of the following decrease basis EXCEPT: Casualty restoration beyond bringing the property to pre-casualty condition....

All of the following decrease basis EXCEPT:

Casualty restoration beyond bringing the property to pre-casualty condition.

Insurance payments for a casualty loss.

Depreciation.

Cancelled debt.

Solutions

Expert Solution

Ans: Casualty restoration beyond bringing the property to pre-casualty condition.

The following are some items that reduce the basis of property.

  • Section 179 deduction.
  • Nontaxable corporate distributions.
  • Deductions previously allowed (or allowable) for amortization, depreciation, and depletion.
  • Exclusion of subsidies for energy conservation measures.
  • Certain vehicle credits.
  • Residential energy credits.
  • Postponed gain from sale of home.
  • Investment credit (part or all) taken.
  • Casualty and theft losses and insurance reimbursement.
  • Certain canceled debt excluded from income.
  • Rebates treated as adjustments to the sales price.
  • Easements.
  • Gas-guzzler tax.
  • Adoption tax benefits.
  • Credit for employer-provided child care.

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