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3. The adjusted basis is: a. purchase price minus all expenses incurred during the holding period. b. purchase price less recover}F allowances. c. purchase price

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3. The adjusted basis is: a. purchase price minus all expenses incurred during the holding period. b. purchase price less recover}F allowances. c. purchase price adjusted for capital improvements and cost recovery allowances. d. purchase price minus all expenses. plus all income received during the holding period

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