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What are LaRhonda realized and recognized gain or loss

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Question - LaRhonda owns an office building that has an adjusted basis of $41,700. The building is subject to a mortgage of $18,000. She transfers the building to Miguel in exchange for $13,900 cash and a warehouse with an FMV of $46,300. Miguel assumes the mortgage on the building.

Required -

What are LaRhonda's realized and recognized gain or loss?

What is her basis in the newly acquired warehouse?

Reference no: EM133047806

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