Bobbie Exchanges Farmland (Adjusted Basis $160,000) for Other Farmland That

question 828

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) $160,000.
• B) $130,000.
• C) $170,000.
• D) $140,000.

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Definitions:

Plantation Masters

Owners or operators of large agricultural estates, especially in the American South, where enslaved people were often forced to work before the Civil War.

Threat Of Sale

The risk or possibility of being sold, often used in the context of property, businesses, or slaves facing auction.

Withholding Food

Withholding food refers to the act of intentionally denying someone access to food, which can be used as a form of punishment, control, or coercion.

Jumping Over A Broomstick

A traditional wedding ceremony or ritual symbolizing the sweeping away of the old and welcoming the new; often associated with African American and Celtic ceremonies.