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A 1031 property with an adjusted basis of $600,000 is sold for $1,200,000 cash. No debt exists for either the property being sold nor its
A 1031 property with an adjusted basis of $600,000 is sold for $1,200,000 cash. No debt exists for either the property being sold nor its replacement. The replacement property is purchased for $1,000,000 in less than four months. What is the adjusted basis of the replacement property?
Group of answer choices
$600,000
$400,000
$1,000,000
$700,000
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