What are janet and herman realized and recognized gains

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Reference no: EM13135732

As part of a divorce decree, Janet must give her ex-spouse Herman her half-interest in stock with a total value of $120,000 (total basis = $70,000) in exchange for his half-interest in their home with a total value of $150,000 and a basis of $130,000. What are Janet and Herman’s
realized and recognized gains or losses on this exchange?

Reference no: EM13135732

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