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How much is elliott basis in the mini-warehouses

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Reference no: EM132570443

Elliot Mess exchanged a 12-unit apartment complex with Alfred Cappy for a 100-space mini warehouse property. Elliot also received cash of $5,000. The transaction is as follows:

Apartments:

Fair market value $ 480,000

Liability assumed by Alfred 200,000

Adjusted basis to Elliot 280,000

Mini warehouses:

Fair market value $ 515,000

Liability assumed by Elliot 240,000

Question a. How much is Elliott's gain or loss recognized?

Question b. How much is Elliott's basis in the mini-warehouses?

Reference no: EM132570443

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