You own a strip mall in Cleveland. You would like to move to a warmer climate. Your choices are to sell the property for $1 million, trade it for a restaurant in Santa Fe worth $800,000 and get $200,000 in cash, or trade it (together with $300,000) for a golfing range in Sacramento worth $1.3 million. Discuss the tax issues involved in this scenario.

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In the scenario described where you own a strip mall in Cleveland and are considering different options such as selling trading for a restaurant or tr... View the full answer