Emily purchased a building to store inventory for her business. The purchase price was $760,000. Beyond this,

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Emily purchased a building to store inventory for her business. The purchase price was $760,000. Beyond this, Emily incurred the following necessary expenses to get the building ready for use: $2,000 to repair minor leaks in the roof, $5,000 to make the interior suitable for her finished goods, and $300 in legal fees. What is Emily’s cost basis in the new building?

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Related Book For  answer-question

Taxation Of Individuals And Business Entities 2018 Edition

ISBN: 9781259711831

9th Edition

Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver

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