Ava exchanges land used in her business with Gail for another parcel of land. The basis of Ava's old land is $55,000, the FMV is %$72,500, and she gives Gail cash of $17,500. Gail's basis in her land is $77,500, and the FMV is $90,000. What is Ava's adjusted basis in the new land she receives? Multiple Choice $72,500 $55,000 $90,000

Ava exchanges land used in her business with Gail for another parcel of land. The basis of Ava's old land is $55,000, the FMV is %$72,500, and she gives Gail cash of $17,500. Gail's basis in her land is $77,500, and the FMV is $90,000. What is Ava's adjusted basis in the new land she receives? Multiple Choice $72,500 $55,000 $90,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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