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Charles owns farmland actively used in his farming business. He exchanges the land for rental property. The farmland has a market value of $50700 and

Charles owns farmland actively used in his farming business. He exchanges the land for rental property. The farmland has a market value of $50700 and a basis of $10800. The rental property has a market value of $56500. Calculate the basis of the rental property.

$50700 $56500 $10800 $0

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