For 2 0 2 3 , Paul owns a building used in his business with an adjusted
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Question:
For Paul owns a building used in his business with an adjusted basis of $ and a FMV of $ He exchanges the building for a building owned by Kelley. Kelleys building has a $ FMV but is subject to a $ liability, which Paul assumes in the exchange.
What is Pauls realized gain, recognized gain, and basis for the building received?
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