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LKE with Boot Suppose Teton would like to trade land worth $40,000 (adjusted basis of $25,000 ), for a different piece of land worth $36,000.
LKE with Boot Suppose Teton would like to trade land worth $40,000 (adjusted basis of $25,000 ), for a different piece of land worth $36,000. To equate the value of property exchanged, the other party also pays Teton $4,000. How much gain does Teton recognize on this exchange? What is Teton's basis in the new land? LKE with Boot Suppose Teton would like to trade land worth $40,000 (adjusted basis of $25,000 ), for a different piece of land worth $36,000. To equate the value of property exchanged, the other party also pays Teton $4,000. How much gain does Teton recognize on this exchange? What is Teton's basis in the new land
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