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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 77IIP

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Hii expert please given answer general Accounting

Mountain Restaurant purchased a commercial pizza oven for $12,000
cash. The oven's fair market value was $15,000. The restaurant paid $800
for shipping, $1,200 for professional installation, and $400 for the first
year's equipment insurance. What amount should Mountain Restaurant
record as the cost of the pizza oven?

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