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Melba purchases land from Adrian. Melba gives Adrian $294,600 in cash and agrees to pay Adrian an additional $441,900 one year later plus interest at

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Melba purchases land from Adrian. Melba gives Adrian $294,600 in cash and agrees to pay Adrian an additional $441,900 one year later plus interest at 7.5%. a. What is Melba's adjusted basis for the land at the acquisition date? b. What is Melba's adjusted basis for the land one year later

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