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What is Marsha basis in the land received

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Reference no: EM132670948

Problem - Marsha exchanged land in Florida with an FMV of $52,700 and an adjusted basis of $60,000 for land in Iowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction. What is Marsha's basis in the land received?

a. $55,000

b. $57,700

c. $60,000

d. $65,000

Reference no: EM132670948

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