@DianeW777
To further my last thought above Diane... Is there a justifiable means to apply some sort of Non-Land/ Non-Asset "Adjustment Factor" to the Oil and Gas property that can defend the reallocation of a significant portion of both the original basis and additional basis that has been apportioned to the property to properties 2 and 3? For example, can 75% of the $56,000 basis that has been apportioned to the Oil and Gas property be reallocated to properties 2 and 3? The reallocation percentages to properties 2 and 3 would be based on what percentage each property makes of the total cost of property 2 and 3 (not including the Oil and Gas property).
I agree that the Oil and Gas property did play role in the 1031 Exchange, and so it should bear some weight in the apportioning of the original and additional basis numbers. However, it just seems like a totally different asset class/ category, being a royalty on mineral rights, that proportioning it without applying some sort of factor seems a little overreaching.
Your thoughts on this would be so greatly appreciated.
Thanks so much!
Jamie
