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Eleanor exchanged Lakefront land held for investment for a parcel Mountaintop land. Eleanor intends to hold the Mountaintop land for investment as well. Eleanor's basis in the Lakefront property is $40,000. It is subject to a mortgage of $60,000 (which the acquirer, Fenton, assumes).
Required:
Problem a) Briefly explain how Eleanor and Fenton will report this exchange for federal tax purposes. List the authorities on which you rely.
Problem b) What is the fair market value of Eleanor's lakefront property?
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