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Business, 25.11.2020 14:20 sabinaschaaf10

Mary exchanged an office building used in her business for some land (which will also be used in her business). Luna originally purchased the building for $45,000, and it had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market value of $40,000. Luna also gave $4,000 to the seller in the transaction. What is Luna's adjusted basis in the land after the exchange? a. $36,000
b. $20,000
c. 24,000
d. 40.000
e. None of the choices are correct

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