Question: Ed Edmonds exchanged a business building with an adjusted basis of $320,000 for another business building with a fair market value of $200,000, a boat

Ed Edmonds exchanged a business building with an adjusted basis of $320,000 for another business building with a fair market value of $200,000, a boat with a fair market value of $60,000, and $20,000 cash. What is the basis of the new building? $180,000 $200,000 $240,000 $300,000 $320,000

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