Melba purchases land from adrian melba gives adrian 225000

Reference no: EM13590151

Melba purchases land from Adrian. Melba gives Adrian $225,000 in cash and agrees to pay Adrian an additional $400,000 one year later plus interest at 5%.

a. What is Melba's adjusted basis for the land at the acquisition date?

b. What is Melba's adjusted basis for the land one year later?

Reference no: EM13590151

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