ted: May 22 at 80p uiz Instructions Question 2 Questions Questo Question 2 187 Question Quest Q 1pts On7 Question Jane owns real estate with a basis of $400.000 and a fair market value of $650,000. She exchanges it for other real estate with a fair market value of $480000 in addition Jane is relieved of a mortgage on the old property of $200.000 assumes a mortgage on the new property of $100,000, and receives $70.000 in cash, Under Code Section 1031, what is 's recognized gain on the exchange $350,000 O $275,000 $170,000 O $75000 Time Cat H 1 Mem 115 Previous Next Na new data tuve Last checked at 80 Sub Qui