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Melba purchases land from Adrian. Melba gives Adrian $393,200 in cash and agrees to pay Adrian an additional $589,800 one year later plus interest at

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Melba purchases land from Adrian. Melba gives Adrian $393,200 in cash and agrees to pay Adrian an additional $589,800 one year later plus interest at 7%. 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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