What are mary''s'' and larry''s bases in these assets
Joan gives an asset valued at $12,000 with a basis of $10,000 to Mary; Joan dies six-months later leaving an asset valued at $10,000 with a basis of $12,000 to Larry. What are Mary's' and Larry's bases in these assets?
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A firm with a U-shaped average cost curve finds that its costs exceed its revenues when it sets price equal to marginal cost. On which part of its average cost curve is the firm operating?
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