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How much is Herman basis in the mini-warehouses

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

Apartments:

Fair market value $480,000

Liability assumed by Wednesday 200,000

Adjusted basis to Herman 280,000

Mini warehouses:

Fair market value $515,000

Liability assumed by Herman 240,000

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

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

Reference no: EM132427714

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