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15 POINTS 12. Mr. Smith purchased an operating business for a lump sum of $295.000. The fair market value of the assets acquired was $103,000

15 POINTS 12. Mr. Smith purchased an operating business for a lump sum of $295.000. The fair market value of the assets acquired was $103,000 for the building, $90,000 for the land, $70,000 for the eq...

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