Pursuant to the exchange b assumed the mortgage on the a

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A and B Company entered into an exchange of real property. The information for both properties is given below

A BFMV $1,000,000 825,000
Adjusted market rate 760,000 14200
Mortagage 175,000 0

Pursuant to the exchange, B assumed the mortgage on the A property. Compute B's gain recognized on the exchange and its tax basis in the property received from A.

Reference no: EM13576869

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