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What is rufus adjusted basis in the land

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Rufus owns 12 acres of land he purchased as an investment for $5,000. He spent an additional $39,000 subdividing the land into residential parcels and having utility lines run to the property. After the subdividing and utility lines had been completed, he gifted two acres of the land to his sister as a wedding present.

Problem 1: After the gift, what is Rufus' adjusted basis in the land?

Group of answer choices

Option 1: $36,666
Option 2: $3,666
Option 3: $35,000
Option 4: $6,500

Reference no: EM132966031

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