8. October 7, 2017, Grace Gems purchased a business for the lump-sum price of $200,000....
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8. October 7, 2017, Grace Gems purchased a business for the lump-sum price of $200,000. The fair market values of the assets Grace purchased were as follows: Inventory $10,000 Land 36,000 Building 90,000 Equipment 15,000 Furniture 9,000 What is Grace's basis in each of the assets?
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