Purchase of a Business (LO. 6) Earl purchases all the assets and assumes the liabilities of Buddy's Market Shop. The details concerning the adjusted basis and fair market value of Buddy's assets and liabilities are as follows: Asset Adjusted Basis Fair Market Value Inventory $29,500 $38,300 Equipment 23,700 68,400 Land 9,500 15,600 Building 119,800 151,500 Liabilities (58,100) (58,100) a. If Earl pays $247,500 for Buddy's net assets, then Earl's basis in the assets, liabilities, and goodwill is $ 31,800 X b. Assume that Buddy's Market Shop is a closely held corporation and that Earl pays $247,500 for all the stock. Earl's basis in the stock is $ 247,500