In 2 0 2 3 , Paul owns a building used in his business with an adjusted

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Question:

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. Kelley

s building has a $

950, 000

FMV but is subject to a $

200, 000

liability, which Paul assumes in the exchange.

What is Paul

s realized gain, recognized gain, and basis for the building received?

Posted Date: May 18, 2024 03:04 PM

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