Marge Purchases the Kentwood Krackers,a AAA Level Baseball Team,for $1

Essay

Marge purchases the Kentwood Krackers,a AAA level baseball team,for $1.5 million.The appraised values of the identified assets are as follows:
$\begin{array}{lr}\text { Prepaid season tickets } & \$ 150,000 \\\text { Stadium lease } & 400,000 \\\text { Player contracts } & 500,000 \\\text { Equipment } & 100,000\end{array}$ The Krackers have won the pennant for the past two years.Determine Marge's adjusted basis for the assets of the Kentwood Krackers.