What is bobs basis in the warehouse and in the land, Accounting Basics

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What is bobs basis in the warehouse and in the land

Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $219,000. The appraised fair market value of the warehouse was $127,500, and the appraised value of the land was $185,750.

NOTE: This is a bargain purchase. The sales price is less than the appraised value. This solution uses the relative appraised values of the land and the warehouse to allocate the purchase price between these two assets.

A. What is Bob's basis in the warehouse and in the land?

Warehouse $
Land $

B. What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse is $97,500, and the appraised value of the land is $215,750?

Warehouse $
Land $

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Accounting Basics: What is bobs basis in the warehouse and in the land

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Accounting Basics: What is bobs basis in the warehouse and in the land

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Accounting Basics: What is bobs basis in the warehouse and in the land

Reference No:- TGS0706514

Recent Questions Asked Accounting Basics

Q : Prepare the journal entries to record the conversion

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