Sandra's personal residence originally cost $440,000 (ignoring the value of the land). After living in the house for five years, she converts it into rental property. At the date of conversion, the fair market value of the house is $420,000. As to the rental property, calculate Surendra's basis for (a) loss, (b) depreciation, (c) gain. Could Sandra have obtained better tax results if she had sold her personal residence for $420,000 and then purchased another house for $420,000 to hold as a rental property? Explain. As Sandra's tax advisor what are some other alternatives Sandra should have considered for a better tax result?

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