The general rule regarding the exchanged basis in the new property received in a like kind exchange is: Multiple Choice The basis is equal to the fair market value of the old property The basis is equal to the cost basis of the old property O The basis is equal to the adjusted basis of the old property. O The basis is equal to the fair market value of the new property O The basis is equal to the fair market value of the old property. The basis is equal to the cost basis of the old property The basis is equal to the adjusted basis of the old property The basis is equal to the fair market value of the new property. All of the choices are correct