Mr. Ng, sole proprietor of Wu Company, purchased a machine for use in his business. Mr. Ng's costs in connection with its purchase were as follows: Cash paid to seller $ 4,000 Note to seller 48,000 State sales tax 2,600 Ordinary machine repairs 800 Wage expense to install machine 3,200 What is the amount of Mr. Ng's basis in the machine?

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Mr Ngs basis in the machine is the total cost of acquiring and getting t... View the full answer