The General Rule Regarding the Exchanged Basis in a Like-Kind

question 49

Multiple Choice

The general rule regarding the exchanged basis in a like-kind exchange is:

• A)The basis is equal to the fair market value of the new property.
• B)The basis is equal to the fair market value of the old property.
• C)The basis is equal to the adjusted basis of the old property.
• D)The basis is equal to the cost basis of the old property.
• E)All of thesE.The general rule is that the property receives a carryover basis from the old property.

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