Question 4: Marcie owns a 10 percent interest in a shopping mall located in Portland, Maine. Her adjusted basis for her interest is $250,000, and its fair market value is $900,000. She exchanges it for undeveloped land in York, Pennsylvania, that is held by her sister, Sandra. Marcie is aware of the 1031 related-party requirement that neither she nor Sandra dispose of the property received for a two-year period. Both Marcie and Sandra intend to hold the properties as long-term investments. However, they agree to notify each other if a disposition does take place within two years of the exchange.