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Business, 30.04.2021 21:20 marleacorey

Carlton purchases land for $550,000. He incurs legal fees of $10,000 and broker's commission of $28,000 associated with the purchase. He subsequently incurs additional legal fees of $25,000 in having the land rezoned from agricultural to residential. He subdivides the land and installs streets and sewers at a cost of $800,000. What is Carlton's basis for the land and the improvements

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Carlton purchases land for $550,000. He incurs legal fees of $10,000 and broker's commission of $28,...
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