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Problem 08-11 (Static) [LO 8-2] In year 1, Maxim sold investment land with a tax basis of $77,000. Payment consisted of $10,000 cash down and

Problem 08-11 (Static) [LO 8-2] In year 1, Maxim sold investment land with a tax basis of $77,000. Payment consisted of $10,000 cash down and the purchaser's note for $90,000. The note is payable in e...

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