Lynn purchases a house for 52000 she converts the property to rental property when the fair market value is 115000 after deducting depreciation cost recovery expense of 1130 she sells the house for 120000. what is her gain or loss?
a.0b.6130c.37630d.69130Maude exchanges a business machine for a new business machine. The adjusted basis of the old machine is 62000 and the fair market value of the new machine is 70000. the recognized gain or loss and the basis of the new machine is a. 0 and 0b. 0 and 62000c. 0 and 70000d. 8000 and 70000