Land Value After 1031 Exchange 2 New Assets (Under Sec 1.168(i)-6(i))

Yes.  As provided in Treasury Regulation 1.1031(d)-1 the basis (adjusted to the date of the exchange) of the property transferred by the taxpayer, decreased by the amount of any money received and increased by the amount of gain recognized, must be allocated to and is the basis of the properties (other than money) received on the exchange.

@Dave918 

Thanks but this does not answer my question which involves the valuation of the land in the new asset. Do I need to use the land value from the relinquished property for the Exchanged basis in the asset which represents it for the new property (which doesn't have land)? Thank you