Taxpayer purchases property from seller subject to a $200,000 liability. The exchange takes place on October 1. The taxpayer gives $20,000 cash and a machine with an AB of $0 and FMV of $10,000. Property taxes of $4,000 are paid due and payable on 12/31. The seller reimburses the buyer for her share of the property taxes. What is the taxpayer's basis in the property acquired?
