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Determine the taxpayer basis in the new office building

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Reference no: EM133145424

Question - Lily exchanges an apartment building with a basis of 90,000 and a FMV of $120,000, and receives an office building with a FMV of $115,000 and cash of $5,000. Assume all properties, other than boot, are qualifying like-kind business assets held more than one year.

1. Determine the taxpayer's recognized gain?

2. Determine the taxpayer's basis in the new office building?

Reference no: EM133145424

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