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For 1 million dempsey inc purchased stock in a corporation

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For $1 million, Dempsey Inc. purchased stock in a corporation that held only one asset, an FCC license, and thus is unable to treat the purchase as a business combination. The tax basis in the asset was $0. What method should Dempsey use to assign the value to the asset and the deferred tax liability?

Reference no: EM13394006

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