Gail Gumm purchased a piece of land, a building, and two trucks for a lump sum of
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Gail Gumm purchased a piece of land, a building, and two trucks for a lump sum of $630,000. On the date of purchase, the land had a fair market value of $125,000, the fair market value of the building was $500,000, one truck is valued at $25,000, and the other at $50,000. What is Gail's basis in the land, the building, and each truck?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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