Purchasing a piece of land, Accounting Basics

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Purchasing a piece of land

Andrew recently purchased a piece of land, a building and a truck for a lump sum of $500,000. The fair market value of the land was $180,000, the fair market value of the building was $500,000, and the fair market value of the truck was $20,000. What is Andrew's basis in the TRUCK?

a. $166,667

b. $20,000

c. $14,286

d. $0

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Accounting Basics: Purchasing a piece of land

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Accounting Basics: Purchasing a piece of land

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Recent Questions Asked Accounting Basics

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Accounting Basics: Purchasing a piece of land

Reference No:- TGS041571

Recent Questions Asked Accounting Basics

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