Mary owns an apartment building that has an adjusted basis of $1,080,000 but subject to a mortgage of $320,000. Mary transfers the apartment building to Gary, and receives from Gary $230,000 in cash and an office building with a fair market value of $880,000 at the time of the exchange. Gary assumes the $320,000 mortgage on the apartment. The transfer is a like-kind exchange.
a) what is Mary's realized gain / loss?
b) what is Mary' recognized gain/loss?
c) what is Mary's basis of the newly acquired office building?
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Mary owns an apartment building that has an adjusted basis of $1,080,000 but subject to a mortgage of $320,000. Mary transfers the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.