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Find the gain realized and the gain recognized

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Reference no: EM131722299

Question - Individual C traded an office building (basis $65,000, FMV $400,000) and $100,000 in cash for individual D's apartment building (basis $50,000).  There is a $200,000 mortgage on the apartment building, and C will assume that mortgage.

Find the gain realized, the gain  recognized, and the new basis for each item.

Reference no: EM131722299

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