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Marsha exchanged land in Florida with an FMV of $52,700 and an adiusted basis of $60,000 for land in lowa with an FMV of $57,700.

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Marsha exchanged land in Florida with an FMV of $52,700 and an adiusted basis of $60,000 for land in lowa with an FMV of $57,700. Marsha also paid $5,000 cash transaction. What is Marsha's basis in the land received? the a. $55,000 b. $57,700 c. $60,000 d. $65,000

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