Kevin exchanges an office building used in business for one

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Kevin exchanges an office building used in business for one owned by Charlene. The FMV of Kevin's building is $28,000 (basis $150,000) and it is subject to a mortgage of $50,000, which is assumed by Charlene. Kevin receives $30,000 cash and Charlene's office building, which has a FMV os $200,000 (basis of $180,000).

a. What is the amount of gain realized by Kevin?

b. What is the amount of gain recognized by Kevin?

c. What is the basis of the new building to Kevin?

Reference no: EM13584236

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