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Earmer George purchased 3 pieces of equipment from FarmCo, 2 tractors and a fertilizer. Each item had the following FMV: Tractor 1 $60,000.00, Tractor 2:

image text in transcribed Earmer George purchased 3 pieces of equipment from FarmCo, 2 tractors and a fertilizer. Each item had the following FMV: Tractor 1 $60,000.00, Tractor 2: 80,000 and the Fertilizer for $40,000.00. If Farmer George pays a lump sum purchase of $140,000.00, what is his basis in each piece of equipmentimage text in transcribed

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