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Henri likes to invest in land. In a nontaxable exchange, Henri exchanges land having an adjusted basis of $8,500 and a FMV of $10,000, for

Henri likes to invest in land. In a nontaxable exchange, Henri exchanges land having an adjusted basis of $8,500 and a FMV of $10,000, for another parcel of land having a FMV of $15,000. In addition, Henri paid cash of $5,000. What is Henri's basis in the new land?

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