Business, 08.04.2020 02:49, sporting06

1. Harold purchases land and a building by paying $35,000 cash and assuming the seller's $82,000 mortgage. In addition, Harold pays $3,000 in legal fees related to the purchase. For property tax purposes, the land is valued at $17,000 and the building at $34,000. Harold's basis in the building is:

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1. Harold purchases land and a building by paying $35,000 cash and assuming the seller's $82,000 mor...