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Morris, an attorney, performs 5 hours of legal work for Andy. Morris 's normal billing rate is $120 per hour. Andy, a software consultant, gives
Morris, an attorney, performs 5 hours of legal work for Andy. Morris 's normal billing rate is $120 per hour. Andy, a software consultant, gives Morris a new computer for his office in payment of the bill. The computer's adjusted basis was $500 and its fair market value is $550. What is Morris's basis in the computer? O $550 O $600 O $0 O $500
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