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Topic: Boot received, no liabilities transferred please fill in the red x ' s with the fact pattern below. Joe transfers an apartment building with

Topic: Boot received, no liabilities transferred
please fill in the red x's with the fact pattern below.
Joe transfers an apartment building with a FMV of $400,000 and a basis of $280,000.
John transfers $50,000 cash and an apartment building with a FMV of $350,000.
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