Philip owns a building used in his business with an adjusted basis of $440,000 and a...

 

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Philip owns a building used in his business with an adjusted basis of $440,000 and a S850,000 FMV. He exchanges the building for a building owned by Dwayne. Dwayne's building has a $1,150,000 FMV but is subject to a $300.000 liability. Philip assumes Dwayne's liability and uses the building in his business. Read the requirements. Requirement a. What is Philip's realized gain? The realized gain is Requirement b. What is Philip's recognized gain? (If there is no recognized gain, make sure to enter "O" in the appropriate cell.) The recognized gain is Requirement c. What is Philip's basis for the building received? Philip's basis for the building received is Philip owns a building used in his business with an adjusted basis of $440,000 and a S850,000 FMV. He exchanges the building for a building owned by Dwayne. Dwayne's building has a $1,150,000 FMV but is subject to a $300.000 liability. Philip assumes Dwayne's liability and uses the building in his business. Read the requirements. Requirement a. What is Philip's realized gain? The realized gain is Requirement b. What is Philip's recognized gain? (If there is no recognized gain, make sure to enter "O" in the appropriate cell.) The recognized gain is Requirement c. What is Philip's basis for the building received? Philip's basis for the building received is