Property tax purposes, Hurd Company acquired a building

Property tax purposes

Reference no: EM13259042

Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000 shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Hurd Company?

$50,000
$150,000
$160,000
$200,000

Reference no: EM13259042

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