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Andrew is negotiating to buy land from Katherine. What will Andrew's basis be in the land, if Andrew gives Katherine $70,000 and Andrew assumes Katherine's mortgage on the land of $30,000?

a. $30,000

b. $40,000

c. $70,000

d. $100,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M941584

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