Marsha exchanged land in Florida with an FMV of $52,700 and an adjusted basis of $60,000 for

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Marsha exchanged land in Florida with an FMV of $52,700 and an adjusted basis of $60,000 for land in Iowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction. What is Marsha’s basis in the land received?

a. $55,000
b. $57,700
c. $60,000
d. $65,000

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South-Western Federal Taxation 2019 Comprehensive

ISBN: 9781337703017

42th Edition

Authors: David M. Maloney, William A. Raabe, William H. Hoffman, James C. Young

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Question Posted: Jun 02, 2019 11:05 AM

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Marsha exchanged land in Florida with an FMV of $52,700 and an adjusted basis of $60,000 for

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South-Western Federal Taxation 2019 Comprehensive

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