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Lance owns land held for investment purposes that has a basis of $250,000. He exchanges the land, plus $40,000 of cash, for a warehouse he
Lance owns land held for investment purposes that has a basis of $250,000. He exchanges the land, plus $40,000 of cash, for a warehouse he will hold as rental property. The warehouse is worth $410,000, but is subject to a mortgage of $70,000 which Lance will assume.
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In this scenario even though Lance is trading the land for a warehouse its considered a likekind exc...
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Fundamentals Of Taxation 2015
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
8th Edition
1259293092, 978-1259293122, 1259293122, 978-1259293092
