Samantha and Christy engage in a section 1031 like-kind exchange transaction. Samantha transfers an office building (FMV 1,025,000; basis 750,000; subject to 200,000 of debt) and Christy transfers a warehouse (FMV 825,000; basis 800,000). Christy assumes the debt on the office building. What are the tax consequences to Samantha and Christy?

Answer rating: 100% (QA)

In a section 1031 likekind exchange transaction both Samantha and Christy can defer recognition of g... View the full answer