Multiple Choice
Bobbie exchanges farmland (adjusted basis $160,000) for other farmland that has a FMV of $140,000.Bobbie also receives $30,000 cash.Bobbie's basis in the new farmland is
A) $130,000.
B) $140,000.
C) $160,000.
D) $170,000.
Correct Answer:
Verified
Correct Answer:
Verified
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