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Author Question: Summer exchanges an office building used in her business for another office building. Summer's ... (Read 65 times)

beccaep

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on: Sep 13, 2020
Summer exchanges an office building used in her business for another office building. Summer's office building has a FMV of $250,000 (basis of $180,000).  The FMV of the new building is $300,000, and it is subject to a mortgage of $60,000, which is assumed by Summer. Summer also pays the other party $40,000 cash.
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?
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Marked as best answer by beccaep on Sep 13, 2020

fffftttt

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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beccaep

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

LegendaryAnswers

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Reply 3 on: Yesterday
Excellent

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