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Jordan Jacobs purchased a business for the lump-sum price of $160,000. The fair market values of the assets Jordan purchased were as follows: Land 25,000
Jordan Jacobs purchased a business for the lump-sum price of $160,000. The fair market values of the assets Jordan purchased were as follows:
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|
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| Land | 25,000 |
| Building | 100,000 |
| Machinery | 12,000 |
| Office Furniture | 3,000 |
What is Jordan's basis in the building?
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