At the time of the transfer to monica the fair market value

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As part of the divorce agreement, Hale transfers his ownership interest in their personal residence to Monica. The house had been jointly owned by Hale and Monica, and the adjusted basis is $212,000. At the time of the transfer to Monica, the fair market value is $490,000. What is the recognized gain to Hale, and what is Monica's basis for the house?

Reference no: EM13610755

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