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Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $500,000. Seven years later, the plot of land

Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $500,000. Seven years later, the plot of land has an assessed value of $400,000 and the business receives an offer of $600,000 for it. Should the monetary amount assigned to the land in the business records now be increased?

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