Question
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $130,000. The appraised fair
Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $130,000. The appraised fair market value of the warehouse was $119,250, and the appraised value of the land was $123,750. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)a. What is Bobs basis in the warehouse______and in the land_______ b. What would be Bobs basis in the warehouse and in the land if the appraised value of the warehouse was $94,250, and the appraised value of the land was $130,000? warehouse___________ and land _______ Which appraisal would Bob likely prefer? Appraised value in part (a) or Appraised value in part (b)
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