Multiple Choice
Elizabeth exchanges an office building valued at $400,000 with a $75,000 mortgage and adjusted basis of $180,000 for land valued at $275,000.What is Elizabeth's basis in the land received in the exchange?
A) $400,000
B) $275,000
C) $180,000
D) $75,000
Correct Answer:
Verified
Correct Answer:
Verified
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