Question: Michael purchased a paper mill for $ 2 5 0 , 0 0 0 for use in his business. On the paper mill machine, he

Michael purchased a paper mill for $250,000 for use in his business. On the paper mill machine, he deducted MACRS cost recovery of $62,000; maintenance costs of $10,400; and repair costs of $8,000. What is Michael's adjusted basis for the paper mill machine?

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