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Marcus has a real estate asset used in his business.He exchanges it for a like-kind...

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Accounting

Marcus has a real estate asset used in his business.He exchanges it for a like-kind real estate asset owned by Fay. (Marcus and Fay are unrelated). The basis of Marcuss asset is $60,000 and he gives Fay $15,000 cash plus the assets in exchange for Fays asset,which is worth $34,000.Fays basis in her original asset is $12,000. What is Marcuss new basis?

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