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C Co. buys a business. C pays a cash down payment of 100,000, gives its promissory note for 850,000 to the seller and incurs legal and accounting fees of 50,000 related to the purchase.
C is able to identify the following assets acquired:
Cash 50,000IBM stock FMV 75,000Inventory FMV 60,000Accounts receivable FMV 15,000Vehicles FMV 150,000Equipment FMV 300,000Real estate FMV 250,000Customer list FMV 50,000
Problem 1: How does C determine its basis in each asset acquired?
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