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Fred owns Rental House #1 (FMV = $50,000, AB = $15,000) Fred exchanges Rental House #1 for Rental House #2 (FMV = $40,000, AB =

Fred owns Rental House #1 (FMV = $50,000, AB = $15,000) Fred exchanges Rental House #1 for Rental House #2 (FMV = $40,000, AB = $30,000) and $10,000 cash in a like-kind exchange. 0.25 pts What is Fred's basis in Rental House #2

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