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Title: Kevin exchanges an office building used in business for one owned by Charlene. The FMV of Kevin's ... Post by: Augustus1 on Jan 9, 2017 Kevin exchanges an office building used in business for one owned by Charlene. The FMV of Kevin's building is $280,000 (basis $150,000) and it is subject to a mortgage of $50,000, which is assumed by Charlene. Kevin receives $30,000 cash and Charlene's office building, which has a FMV of $200,000 (basis of $180,000).
a. What is the amount of gain realized by Kevin? b. What is the amount of gain recognized by Kevin? c. What is the basis of the new building to Kevin? Title: Re: Kevin exchanges an office building used in business for one owned by Charlene. The FMV of ... Post by: Yoko900 on Jan 9, 2017 Content hidden
Title: Re: Kevin exchanges an office building used in business for one owned by Charlene. The FMV of Kevin's ... Post by: Augustus1 on Mar 19, 2017 You're a saint, honestly
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