Marge purchases the Kentwood Krackers,a AAA level baseball team,for $1.5 million.The appraised values of the identified assets are as follows:
Prepaid season tickets
$150,000
Stadium lease
400,000
Player contracts
500,000
Equipment
100,000
The Krackers have won the pennant for the past two years.Determine Marge's adjusted basis for the assets of the Kentwood Krackers.

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The Answer of Marge purchases the Kentwood Krackers,a AAA level baseball team,for $1.5 million.The appraised values of the identified assets are as follows:
Prepaid season tickets
$150,000
Stadium lease
400,000
Player contracts
500,000
Equipment
100,000
The Krackers have won the pennant for the past two years.Determine Marge's adjusted basis for the assets of the Kentwood Krackers.

Marge Purchases the Kentwood Krackers,a AAA Level Baseball Team,for $1