Marge Purchases the Kentwood Krackers,a AAA Level Baseball Team,for $1

question 54

Essay

Marge purchases the Kentwood Krackers,a AAA level baseball team,for $1.5 million.The appraised values of the identified assets are as follows:
Prepaid season tickets
$150,000
Stadium lease
400,000
Player contracts
500,000
Equipment
100,000
The Krackers have won the pennant for the past two years.Determine Marge's adjusted basis for the assets of the Kentwood Krackers.

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