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An apartment building is purchased on the following terms. Cash down payments $50,000, assumption of second mortgage $60,000 and first mortgage note of $400,000, attorney's
An apartment building is purchased on the following terms. Cash down payments $50,000, assumption of second mortgage $60,000 and first mortgage note of $400,000, attorney's fee of $1,500, title policy of $210, recording fee of $50, and documentary stamp of $590. What is the initial tax base? 507,650 513,550 512,350 515,750
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