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12-07-2019
11:45 AM
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On August 15, 2018, Devon received a parcel of land in Phoenix worth $220,000
in exchange for a parcel of land he owned in Tucson. Because the Tucson parcel
was worth $245,000, he also received $25,000 cash. Devon’s adjusted basis for
the Tucson parcel was $210,000. He originally purchased it on September 18, 2015.
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