When buying a business do I use the acquisition cost of the original owner or does my purchase create a new acquisition cost?
At the time of the sale a new market value was established. The new owner will need to report the acquisitions, purchase price, and date of their purchase.

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1. When buying a business do I use the acquisition cost of the original owner or does my purchase create a new acquisition cost?
2. Does equipment purchased prior to the start of business and/or equipment from a home I owned or received as a gift need to be listed?