Example $6$ Boot Received $$ No Liabilities Transferred

Facts

Joe transfers an apartment building with a FMV of $$400,000$ and a basis of $$280,000.$

John transfers $$50,000$ cash and an apartment building with a FMV of $$350,000.$

Basis in Replacement Property:

Joe transfers an apartment building with a FMV of $$400,000$ and a basis of $$280,000.$

John transfers $$50,000$ cash and an apartment building with a FMV of $$350,000.$