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Whitney exchanges timberland held as an investment for undeveloped land with a $300,000 FMV. Whitney's basis for the timberland is $150,000. She also transfers her
Whitney exchanges timberland held as an investment for undeveloped land with a $300,000 FMV. Whitney's basis for the timberland is $150,000. She also transfers her tractor with a $15,000 basis and a $10,000 FMV as part of the exchange. What is the basis of the undeveloped land?
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