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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?
Permanent Fund
A fund established to provide a stable source of revenue for specific purposes, often funded by endowments or resources that generate interest or other income.
Agency Fund
An agency fund is a fiduciary account held by a governmental unit that contains resources received and held as an agent for others, to be expended or invested according to the principal's direction.
Plant Assets
Long-term tangible assets used in the operations of a business that are not intended for resale.
Expenditures
Outflows of cash or other valuable assets from a person or company to pay for goods or services.
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