What is anderson''s adjusted basis in the new land


Anderson Company exchanged land used in its business for another parcel of land with a fair market value of $160,000. In addition, Anderson received $40,000 in cash. Anderson will use the new parcel of land in its business. The land that Anderson gave in exchange had an adjusted basis of $230,000 at the time of the exchange. What is Anderson's adjusted basis in the new land it received in the exchange?

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Accounting Basics: What is anderson''s adjusted basis in the new land
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