# Question Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $125,000. The appraised fair market value of the warehouse was$75,000, and the appraised value of the land was $100,000. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. What is Bob's basis in the warehouse and in the land? Bob's Basis Warehouse Land b. What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse was$50,000 and the appraised value of the land was $125,000? Bob's Basis Warehouse Land c. Which appraisal would Bob likely prefer? Appraised value in part (a) O Appraised value in part (b) XOWP3X The Asker · Accounting Transcribed Image Text: Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for$125,000. The appraised fair market value of the warehouse was $75,000, and the appraised value of the land was$100,000. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. What is Bob's basis in the warehouse and in the land? Bob's Basis Warehouse Land b. What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse was $50,000 and the appraised value of the land was$125,000? Bob's Basis Warehouse Land c. Which appraisal would Bob likely prefer? Appraised value in part (a) O Appraised value in part (b)
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Transcribed Image Text: Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a warehouse and the land for $125,000. The appraised fair market value of the warehouse was$75,000, and the appraised value of the land was $100,000. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. What is Bob's basis in the warehouse and in the land? Bob's Basis Warehouse Land b. What would be Bob's basis in the warehouse and in the land if the appraised value of the warehouse was$50,000 and the appraised value of the land was \$125,000? Bob's Basis Warehouse Land c. Which appraisal would Bob likely prefer? Appraised value in part (a) O Appraised value in part (b)