Jim Junction purchased a building business on November 17, 2018, for $400,000. On July 21, 2019, he

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Jim Junction purchased a building business on November 17, 2018, for $400,000. On July 21, 2019, 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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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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