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Appraisals of the equipment indicate that the fair market

Sebastian purchases two pieces of equipment for $100,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $72,000 and that of the second piece of equipment is $108,000. What is Sebastian's basis in these two assets?

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Accounting Basics: Appraisals of the equipment indicate that the fair market

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