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Your grandmother just sold you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her sale was $100,000. She sold it to you for $80,000. What is your basis? O a. nothing, you did not pay for it O b. $100,000 O c. $50,000 O d. $40,000 O e. $80,000 Your grandmother just sold you a building and land that you will use in your business. She paid $50,000 for the building and claimed $10,000 in depreciation. The fair value at the time of her sale was $100,000. She sold it to you for $80,000. What is your basis? O a. nothing, you did not pay for it O b. $100,000 O c. $50,000 O d. $40,000 O e. $80,000
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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