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alexandr1967 [171]
3 years ago
14

Allison buys equipment and pays cash of $50,000, signs a note of $10,000 and assumes a liability on the property for $3,000. In

addition. Allison pays an installation coat of $500 and a delivery coat of $800. Allison's basis in the asset is A) $63, 500. B) $63,000. C) $64, 300. D) $60,000.
Business
1 answer:
slava [35]3 years ago
3 0

Answer:

The answer is C) $64, 300.

Explanation:

basis in a business asset is basically the cost of that asset.

Allison's basis in the asset= $50,000+ $10,000+ $3,000+ $800+ $500 =  $64,300.

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