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Paul purchased a residential property for $100,000. He owned the property for 5 years and took $15,000 of depreciation expense. He decides to enter into

Paul purchased a residential property for $100,000. He owned the property for 5 years and took $15,000 of depreciation expense. He decides to enter into a 1031 transaction at the time when his property is worth $225,000. In exchange for his building he receives $50,000 in cash and an office building with a FMV of $175,000. What is Paul's basis in the new property

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