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What is the amount of boot Earl received

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Question - Earl has land with an adjusted basis of $100,000. He exchanges this land for a different piece of land with a fair market value of $75,000, a truck with fair market value of $5,000 and $10,000 cash. What is the amount of boot Earl received?

a. $5,000

b. $10,000

c. $15,000

d. $60,000

Reference no: EM132547823

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