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QUESTION C Steve owns a rental property with anadjusted basis in Steve's hands of$100,000.Steve's propertyissubject toa mortgage of $20000. Steve transfers his rental property to

QUESTION C

Steve owns a rental property with anadjusted basis in Steve's hands of$100,000.Steve's propertyissubject toa mortgage of $20000. Steve transfers his rental property to Terry in exchange for $10000 cash and an apartment building with a fair market values of$150,000.Terry's propertyhas no mortgage onit.Terry assumes Steve's mortgage of$ 20,000 as part or the terms of the exchange.

What is Steve's BASIS in the new property he received in the exchange

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