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1. Valerie purchased a rental house and land for $180,000 during a depressed real estate market. Appraisals placed the value of the house at $140,000

1. Valerie purchased a rental house and land for $180,000 during a depressed real estate market. Appraisals placed the value of the house at $140,000 and the land at $60,000 (a total of $200,000). What is Valeries basis in the house?

a. $126,000

b. $140,000

c. $180,000

d. $200,000

e. None of these

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