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Odintz traded land for land. Odintz originally purchased its land for $150,000. The land Odintz received was purchased by the seller some years ago for
Odintz traded land for land. Odintz originally purchased its land for $150,000. The land Odintz received was purchased by the seller some years ago for $200,000 and was subject to a mortgage of $50,000 that the seller paid off before the transfer. The fair market value of the new land is $240,000. What is Odintz's adjusted basis in the new land after the exchange?
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