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Business & farm
Yes, there was a loss. Here are the numbers:
Adjusted basis at conversion (purchase price plus cost of improvements, and there was no depreciation taken prior to conversion): $222,654
Fair market value at conversion: $222,877
Depreciation taken after conversion: $10,190
Sale price: $190,370
Sale expenses: $4683
Loss: -$26,777
‎July 8, 2020
10:51 AM