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Problem - Carey exchanges land for other land in a qualifying like-kind exchange. Carey's basis in the land given up is $115,000, and the property has a fair market value of $150,000. In exchange for her property, Carey receives land with a fair market value of $100,000 and cash of $10,000. In addition, the other party to the exchange assumes a mortgage loan on Carey's property of $40,000.
Required -
a. Calculate Carey's recognized gain, if any, on the exchange.
b. Calculate Carey's basis in the property received.
The gain is included in the net income reported by the Subsidiary. Determine the valuation of Land in the consolidated balance sheet
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