A Company Acquired Some Land for $80,000 to Construct a New

question 14

Multiple Choice

A company acquired some land for $80,000 to construct a new office complex.Legal fees paid were $2,300,delinquent taxes assumed were $3,400,and $5,850 was paid to remove an old building from which salvaged materials sold for $1,950.What is the cost basis for the land?

• A)$93,500
• B)$91,550
• C)$85,700
• D)$89,600

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