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In a qualifying like-kind exchange

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In a qualifying like-kind exchange, Billy exchanges land worth $100,000 with a tax basis of $60,000 and receives a building from Bobby worth $100,000 who has an adjusted tax basis of $40,000. What is Billy’s basis in the building he receives in the exchange?

a. $100,000

b. $60,000

c. $40,000

d. $20,000

Reference no: EM13777691

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