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What is acclaim tax basis in the roof

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Reference no: EM132805723

Problem 1: Acclaim LLC owns a residential apartment complex. During 2020, Acclaim constructed a new roof on the building. The roofing materials cost of $200,000 and labor cost $300,000. In addition, Acclaim hired an outside consultant to consider what type of roofing materials should be used on the project. Since the roof was energy efficient, Acclaim received a rebate against the cost of materials of $30,000 from a local utility. In addition, Acclaim paid $18,000 in sales tax on roofing materials and a $500 delivery charge to get the materials on site. What is Acclaim's tax basis in the roof?

Reference no: EM132805723

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