Sofia exchanged an eight-unit apartment building for a four-unit apartment building. Her adjusted basis for the eight-unit

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Sofia exchanged an eight-unit apartment building for a four-unit apartment building. Her adjusted basis for the eight-unit building was $320,000 and the fair market value was $400,000. The fair market value of the four-unit building she received, which was subject to a $40,000 mortgage, was $440,000 on the date of the transaction. How much gain does Sofia need to recognize

Posted Date: May 19, 2024 09:14 AM

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Sofia exchanged an eight-unit apartment building for a four-unit apartment building. Her adjusted basis for the eight-unit

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