A parcel of land is offered for sale at $164,000, is assessed for tax purposes at $126,000, is recognized by its purchasers as being worth $154,000, and is purchased for $151,000. The land should be recorded in the purchaser's books at:
A parcel of land is offered for sale at $164,000, is assessed for tax purposes at $126,000, is recognized by its purchasers as being worth $154,000, and is purchased for $151,000. The land should be recorded in the purchaser's books at:
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 58P
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The land should be recorded
Transcribed Image Text:A parcel of land is offered for sale at $164,000, is assessed
for tax purposes at $126,000, is recognized by its
purchasers as being worth $154,000, and is purchased for
$151,000.
The land should be recorded in the purchaser's books at:
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