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NOTES 301 Tax Lawyer, Vol. 56, No. 1 NOTE WHICH PRICE IS RIGHT? VALUING REAL ESTATE PURCHASED IN BULK WITH NONRECOURSE PROMISSORY NOTES: EPIC ASSOCIATES V. COMMISSIONER The purchase of multiple items of real property in a single transaction—a “bulk” purchase—can raise issues in establishing a valuation for tax purposes. One question that arises is whether multiple properties purchased in bulk may be valued based on appraisals of each individual property. In Epic Associates v. Commissioner, the...

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