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Business, 06.04.2021 02:20 Arealbot

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. What is Mary's recognized gain/(loss)

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Mary owns an apartment building that has an adjusted basis of $1,080,000 but subject to a mortgage o...
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