Question
Chad Carter exchanged land with an adjusted basis of $101700 and a fair market value of $157900 for Nash Nunns land worth $139410 (basis $118210)
Chad Carter exchanged land with an adjusted basis of $101700 and a fair market value of $157900 for Nash Nunns land worth $139410 (basis $118210) and $22360 cash. Chads mortgage of $34770 is assumed by Nash and Nashs mortgage of $38640 is assumed by Chad. What is Nash's basis in the new land?
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Trusted Advisors Key Attributes Of Outstanding Internal Auditors
Authors: Richard F. Chambers, President And CEO Of The IIA
1st Edition
0894139819, 978-0894139819
