Jim Junction purchased a building business on November 17,2017 , for ($ 400,000). On July 21, 2018,
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Jim Junction purchased a building business on November 17,2017 , for \(\$ 400,000\). On July 21, 2018, he exchanged the building for another business building in a like-kind exchange. The new building had a fair market value of \(\$ 420,000\). When does the holding period on the new truck begin and what is its basis?
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Related Book For
CCH Federal Taxation 2019 Comprehensive Topics
ISBN: 9780808049081
2019 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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