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5. Lewis Brown bought four lots of land for $100,000. On the date of purchase, the lots had the following fair market values: Lot #1
5. Lewis Brown bought four lots of land for $100,000. On the date of purchase, the lots had the following fair market values: Lot #1 Lot #2 Lot # 3 Lot #4 What is the basis to Lewis of Lot #3? $25,000 $31,250 A. $31,250 B. $25,000 C. $20,625 D. $16,500 $20,625 $48,125
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The Analysis And Use Of Financial Statements
Authors: Gerald I. White, Ashwinpaul C. Sondhi, Haim D. Fried
3rd Edition
0471375942, 978-0471375944
