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Phillip purchased a small apartment complex in 2021. He paid $375,000 for it; there was no specified value for the land in the contract. The

Phillip purchased a small apartment complex in 2021. He paid $375,000 for it; there was no specified value for the land in the contract. The most recent real estate assesssment had the property valued at $350,000 of which $308,000 was for the building and $42,000 was for the land. What is Phillip's basis in the apartment complex?

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