Albert walks into your office and tells you that he bought a house from his...
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Accounting
Albert walks into your office and tells you that he bought a house from his parents. The house is worth $350,000, but his parents only made him pay $200,000. His parents paid $100,000 for this house a few years ago. After making several improvements, their adjusted basis in the home was $150,000 when they sold it to Albert. He did not assume any mortgages on the home.
What is Alberts basis in the home?
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