Johann exchanges an apartment building for an office building worth $100,000. The apartment building has an adjusted

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Johann exchanges an apartment building for an office building worth $100,000. The apartment building has an adjusted basis of $80,000 and is encumbered by a $30,000 mortgage, which the owner of the office building assumes in the exchange.
Identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify.

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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