Yes, allocating all of the cost basis (including land) of the assets traded along with the additional added funds would be the appropriate action which will include the land from the original property. The new property in total must be represented with a basis that makes sense.
I agree there was much detail last year that could be confusing. You should do as you indicate here: 'I could use each replacement properties value as a percentage of the entire replacement cost to apportion that land.'
@jamie-m-todd
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