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Vols Incorporated and Tide Company entered into an exchange of real property. Here is the information for the properties to be exchanged.
Vols Tide
FMV $ 1,000,000 $ 825,000
Adjusted tax basis 900,000 514,500
Mortgage 175,000 -0-
Pursuant to the exchange, Tide assumed the mortgage on the Vols property. Compute Vols' tax basis in the property received from Tide.
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