CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN: 9780357110362
Author: Murphy
Publisher: CENGAGE L
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Transcribed Image Text:Mountain View Hospital purchases a plot of land for $225,000
cash. Additional costs include:
⚫ Back property taxes assumed: $2,800
⚫ Title search and legal fees: $1,750
⚫ Land survey costs: $1,200
⚫ Tree removal and leveling: $3,500
⚫ Real estate agent commission: $4,500
What amount should Mountain View Hospital record as the cost of
the land?
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