Level 15
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Good point.  My prior foggy-brained statement was wrong.  If he trades the old $300,000 property in exchange for the new $190,000 property, he would be receiving $110,000 of 'boot'.  Right?  So of the $137,000 gain, $110,000 would be taxable and the other $27,000 would be deferred into the new property.  Right?
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