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What is steve basis in the new property

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Question - Steve owns a rental property with an adjusted basis in Steve's hands of $100,000. Steve's property is subject to a mortgage of $20000. Steve transfers his rental property to Terry in exchange for $10000 cash and an apartment building with a fair market values of $150,000. Terry's property has no mortgage on it. Terry assumes Steve's mortgage of $ 20,000 as part or the terms of the exchange.

What is Steve's BASIS in the new property he received in the exchange?

Reference no: EM131961689

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