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Does que recognize gain on the swap

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Problem 1: Que purchased land for $21,000 by paying $16,000 and signing a mortgage for $5000. Over a year later Que trades that land for a new piece of land worth $26,000 . The other party buyer assumes Que's mortgage. Que's mortgage of $4,000 is assumed and Que receives land worth $26,000. Does Que recognize gain on the swap and if so, how much is it?

Reference no: EM132648470

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