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What is ted new basis

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Question - John owns a rental home in Arizona. He decided that he would like to acquire a rental home in Washington. Ted, who lives in Washington, has a rental home. For health purposes, Ted must relocate to Arizona and would like a rental home in Arizona. John and Ted decide to exchange properties under Section 1031 of the code. The other facts pertaining to the exchange are:

Ted's Basis = $100,000

John's Basis = $75,000

Ted and John exchange the two properties, but Ted has to give John an additional $25,000 in cash. The fair market value of Ted's property is $100,000 and the fair market value of John's property is $125,000. What is Ted's new basis?

Reference no: EM132075965

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