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Home > Business & Careers > Accounting   »   tax purposes

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Old Sep 5, 2007, 04:07 PM
gdelamotte
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tax purposes

If a parcel of land that was originally purchased for $85,00 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at:

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