Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Inc. (BLI). As part of their discussions with the sole shareholder of the corporation, Ernesto Young, they examined the company's tax accounting balance sheet. The relevant information is summarized as follows:

FMV Adjusted Basis AppreciationCash$25,500 $25,500 Receivables 23,200 23,200 Building 133,000 66,500 66,500Land 272,250 90,750 181,500Total$453,950 $205,950 $248,000 Payables$23,000 $23,000 Mortgage* 150,000 150,000 Total$173,000 $173,000

* The mortgage is attached to the building and land.

Ernesto was asking for $568,950 for the company. His tax basis in the BLI stock was $148,000. Included in the sales price was an unrecognized customer list valued at $196,000. The unallocated portion of the purchase price ($92,000) will be recorded as goodwill. (Negative amounts should be indicated by a minus sign.)

Req c2 What is the tax basis in the assets received by Amy and Brian? \begin{tabular}{|l|l|} \hline Cash & \\ \hline Accounts receivable & \\ \hline Building & \\ \hline Land & \\ \hline Customer list & \\ \hline Goodwill & \\ \hline Total & $ \\ \hline \end{tabular}