Multiple Choice
Winston White exchanged business real estate that had an adjusted basis of $16,000 for other business real estate with a fair market value of $15,000 and $4,000 cash. What is Winston's basis in the property received?
A) $12,000
B) $15,000
C) $16,000
D) $19,000
E) $20,000
Correct Answer:
Verified
Correct Answer:
Verified
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