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Sheena Maskell Sheena Maskell
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7 years ago
Richard exchanges an office building used in business for one owned by Summer. The FMV of Richard's building is $300,000 (basis $150,000) and it is subject to a mortgage of $60,000, which is assumed by Summer. Richard receives $40,000 cash and Summer's office building, which has a FMV of $250,000 (basis of $180,000).
a.   What is the amount of gain realized by Summer?
b.   What is the amount of gain recognized by Summer?
c.   What is the basis of the new building to Summer?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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Sheena M. Author
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