Question: Fred Berk bought a plot of land with a cash payment of $40,000 and a purchase money mortgage of $50,000. In addition, Berk paid $200

Fred Berk bought a plot of land with a cash payment of

$40,000 and a purchase money mortgage of $50,000. In addition, Berk paid $200 for a title insurance policy. Berk’s basis in this land is

a. $40,000

b. $40,200

c. $90,000

d. $90,200

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