Bobbie exchanges farmland (adjusted basis $160,000)for other farmland that has a FMV of $140,000.Bobbie also receives $30,000 cash.Bobbie's basis in the new farmland is
A)$130,000.
B)$140,000.
C)$160,000.
D)$170,000.

Question

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The Answer of Bobbie exchanges farmland (adjusted basis $160,000)for other farmland that has a FMV of $140,000.Bobbie also receives $30,000 cash.Bobbie's basis in the new farmland is
A)$130,000.
B)$140,000.
C)$160,000.
D)$170,000.

Bobbie Exchanges Farmland (Adjusted Basis $160,000)for Other Farmland That Has