Question: In 2 0 2 3 , Paul owns a building used in his business with an adjusted basis of $ 3 4 0 , 0

In 2023, Paul owns a building used in his business with an adjusted basis of $340,000, and a FMV of $750,000. He exchanges the building for a building owned by Kelley. Kelleys building has a $950,000 FMV but is subject to a $200,000 liability, which Paul assumes in the exchange.
What is Pauls realized gain, recognized gain, and basis for the building received?

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