Of course, I'm here to help.
- Yes, to both questions 1 & 2.
- Yes, the land value calculation really taking 20% of ONLY the convenience store's portion of the additional basis number; which would be 20% of $2.8k equaling $560? This makes sense in the big picture of the 1031 exchange in your situation.
- The entire $560 should remain with the convenience store.
@jamie-m-todd
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