Land Value in 1031 Exchange

[Dave918]

I have done a 1031 exchange of a property with a larger land value (house) into one with no land (condo). I am using the 2 asset method and not opting out of Sec 1.168(i)-6(i). 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)? Thanks in advance for your response.

[DaveF1006]

Yes, the basis for the new asset will be the basis from the relinquished property.