Determine the monetary amount assigned to the land, Taxation

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Determine the monetary amount assigned to the land

Response to the following problem:

Land with an assessed value of $500,000 for property tax purposes is acquired by a business for $600,000. Four years later, the plot of land has an assessed value of $750,000 and the business receives an offer of $975,000 for it.

Should the monetary amount assigned to the land in the business records now be increased?

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Taxation: Determine the monetary amount assigned to the land

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Taxation: Determine the monetary amount assigned to the land

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