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.

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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.

ekkarill92 answered 1 year ago

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