Case, in individual, purchased some property in Potomac Maryland, for $140,000 approximately 10 years ago. Case is approached by a real estate agent representing a client who would like to exchange our parcel of land in North Carolina for kase's Maryland property. kase agrees to the exchange. The transaction qualifies as a like-kind exchange and the fair market value of each property is $650,000.

QUESTION 11 Same facts as the prior question, what is Kase's basis in the North Carolina property? 8700