Mona purchased a business from Judah for $1,000,000.Judah's records and an appraiser provided her with the following information regarding the assets purchased: What is Mona's adjusted basis for the land,building,and equipment?
A) Land $270,000, building $450,000, equipment $180,000.
B) Land $195,000, building $575,000, equipment $230,000.
C) Land $195,000, building $310,000, equipment $95,000.
D) Land $270,000, building $521,429, equipment $208,571.
E) None of the above.

Question

Mona purchased a business from Judah for $1,000,000.Judah's records and an appraiser provided her with the following information regarding the assets purchased:  What is Mona's adjusted basis for the land,building,and equipment?
A) Land $270,000, building $450,000, equipment $180,000. 
B) Land $195,000, building $575,000, equipment $230,000. 
C) Land $195,000, building $310,000, equipment $95,000. 
D) Land $270,000, building $521,429, equipment $208,571. 
E) None of the above.

Quizplus · Accepted Answer

The Answer of Mona purchased a business from Judah for $1,000,000.Judah's records and an appraiser provided her with the following information regarding the assets purchased:  What is Mona's adjusted basis for the land,building,and equipment?
A) Land $270,000, building $450,000, equipment $180,000. 
B) Land $195,000, building $575,000, equipment $230,000. 
C) Land $195,000, building $310,000, equipment $95,000. 
D) Land $270,000, building $521,429, equipment $208,571. 
E) None of the above.

Mona Purchased a Business from Judah for $1,000,000