Business, 27.12.2020 03:40 Bryson2148

Molly exchanges land (adjusted basis of $85,000; fair market value of $78,000) used in her business and common stock held for investment (adjusted basis of $10,000; fair market value of $15,000) for a single parcel of land (fair market value of $93,000) to be used in her business in a like-kind exchange. What is Molly’s basis in the property received?

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Molly exchanges land (adjusted basis of $85,000; fair market value of $78,000) used in her business...

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