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Company Y land and an accompanying warehouse for $800,000. The fair market values of the land and the building at the time of purchase were
Company Y land and an accompanying warehouse for $800,000. The fair market values of the land and the building at the time of purchase were $700,000 and $300,000, respectively. The purchase price for the land and warehouse should be allocated on the basis of The amount allocated to the land would be and the amount allocated to the building would be
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