Fred and Sarajane exchanged equipment in a qualifying like-kind exchange. Fred gives up equipment with an adjusted basis of $12,000 (fair market value of $15,000) in exchange for Sarajane's equipment with a fair market value of $13,000 plus $2,000 cash. What is Sarajane's basis in the equipment received in the exchange, assuming her basis in the equipment given up was $12,000?
a.$15,000
b.$14,000
c.$12,000
d.$0
e. None of these choices are correct.
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