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Mike exchanged Property 1 plus $10,000 for Property 2 in a nontaxable like-kind exchange. At...

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Accounting

Mike exchanged Property 1 plus $10,000 for Property 2 in a nontaxable like-kind exchange. At the time of the exchange, his basis in Prooerty 1 was $15,000 and its fair market value was $20,000. The fair market value of Property 2 was $30,000. What is Mike's basis in Property 2?

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