LO.1 Eve purchases land from Adrian. Eve gives Adrian $150,000 in cash and agrees to pay Adrian
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LO.1 Eve purchases land from Adrian. Eve gives Adrian $150,000 in cash and agrees to pay Adrian an additional $500,000 one year later plus interest at 5%.
a. What is Eve’s adjusted basis for the land at the acquisition date?
b. What is Eve’s adjusted basis for the land one year later?
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Related Book For 
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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