Question: In Year 9, Ralston exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains

In Year 9, Ralston exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains to this transaction:

Property given up by Ralston Fair value $ 500,000

Adjusted basis 300,000

Property received by Ralston Fair value 450,000

What amount of gain should be recognized in Ralston's Year 9 income tax return? Explain.

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