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Business, 14.07.2021 02:40 tshaw04614

Mrs. Adams owned an income property with an adjusted cost basis of $160,000 and a fair market value of $240,000. She exchanged the property for another income property which had a fair market value of $230,000. Both properties had no loans against them and no adjustment was made for the differences in value. For federal income tax purposes, the new property will have a basis for Mrs. Johnson of:

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Mrs. Adams owned an income property with an adjusted cost basis of $160,000 and a fair market value...
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