Baker traded a building used in her business for some new land. Baker originally purchased the building for $50,000 and it had an adjusted basis of $30,000 at the time of the exchange. The new land had a fair market value of $35,000. Baker also paid $5,000 to the dealer in the transaction. What is Baker's adjusted basis in the land after the exchange?
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Home » Business » Baker traded a building used in her business for some new land. Baker originally purchased the building for $50,000 and it had an adjusted basis of $30,000 at the time of the exchange. The new land had a fair market value of $35,000.