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Question - Sara, a noncorporate taxpayer, exchanged residential rental property plus $15,500 cash for 20 acres of investment land with a $254,000, Sara used the straight-line method to compute depreciation on the rental property.
Required -
1. Assuming that Sara exchange was negotiated at arm's length, what is the FMV of the rental property?
2. If the adjusted basis of the rental property is $231,000, compute Sara realized and recognized gain.
3. Compute Sara basis in the 20 acres of investment land.
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