Question: Joel purchases 4 vintage automobiles for his investment/collection for $250,000. The contract does not specify the amount for each piece of property. If the fair

Joel purchases 4 vintage automobiles for his investment/collection for $250,000. The contract does not specify the amount for each piece of property. If the fair market value of Car 1 is $70,000, Car 2 is $90,000, Car 3 is $75,000, and Car 4 is $65,000.

What is Joel's basis in Car 3 after his purchase?

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