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Question 1. Question :
(TCO 4) Several years ago, Floyd purchased a structure for $150,000 that was originally placed in service in 1929. In the current year, he incurred qualifying rehabilitation expenditures of $200,000. The amount of the tax credit for rehabilitation expenditures and the amount by which the building’s basis for cost recovery would increase as a result of the rehabilitation expenditures are the following amounts.
‘’
$20,000 credit, $180,000 basis
$20,000 credit, $200,000 basis
$20,000 credit, $350,000 basis
$40,000 credit, $160,000 basis
None of the above