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On October 7, 2021, Grace Gems purchased a business for the lump-sum price of $200,000. The fair market values of the assets Grace purchased were

On October 7, 2021, Grace Gems purchased a business for the lump-sum price of $200,000. The fair market values of the assets Grace purchased were as follows:

Inventory

$10,000

Land

36,000

Building

90,000

Equipment

15,000

Furniture

9,000

What is Grace's basis in each of the assets?

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