Chapter 12 Homework Question 2

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Chapter 12 Homework Question 2

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Chapter 12 Homework

2.  Paul owns a building used in his business with an adjusted basis of $340,000 and a $750,000 FMV. He exchanges the building for a building owned by Kelley.  Kelley​’s building has a $950,000 FMV but is subject to a $200,000 liability.  Paul assumes Kelley​’s liability and uses the building in his business.

What is Paul​’s

  1. realized​ gain?
  2. recognized​ gain?
  3. basis for the building​ received?
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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Chapter 12 Homework