Multiple Choice
Henri likes to invest in land.In a nontaxable exchange,Henri exchanges land having an adjusted basis of $8,500 and a FMV of $10,000,for a another parcel of land having a FMV of $15,000.In addition,Henri paid cash of $5,000.What is Henri's basis in the new land?
A) $5,000
B) $8,500
C) $13,500
D) $15,000
Correct Answer:
Verified
Correct Answer:
Verified
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