Willie Owns 115 Acres of Land with a Fair Market

question 75

Multiple Choice

Willie owns 115 acres of land with a fair market value of $57,000. He purchased the land as an investment for $35,000 in 1993. Willie trades the land for a 122-acre parcel adjacent to other property he owns. The 122 acres has a value of $57,000, and the exchange qualifies for like-kind deferral treatment. What is Willie's basis in the new parcel of land?

• A)$- 0 -
• B)$17,000
• C)$35,000
• D)$57,000
• E)$74,000

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