According to Mr. Jones on July 01, 2017, he and his wife exchanged their two- family house in Westchester County (378 Pinebrook Blvd, New Rochelle, NY), which they rented entirely from January 01, 2009 to July 01, 2017, for a four family rental property located at 581 Atlantic Avenue, Brooklyn, NY. At the time of the exchange, the FMV of the two-family house was $900,000, and the adjusted basis was $??????? (Calculate based on information provided below). The six-family house had an adjusted basis of $300,000 and a FMV of $850,000. The two-family home was subject to a $50,000 mortgage, which the buyer assumed