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What are Natalia and Sam realized and recognized gains

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Question - In 2021, Natalia and Sam entered into a $1031 like-kind exchange. Natalia exchanged an apartment building in Washington for Sam's apartment building in Oregon. Natalia's apartment building had a fair market value of $700,000 and an adjusted basis of $400,000. Natalia's apartment building is also encumbered by a $150,000 mortgage. Sam's building has a fair market value of $500,000 and has a basis of $175,000. Sam will assume the mortgage on Natalia's apartment building. Sam will also pay Natalia $50,000 cash.

a) What are Natalia and Sam's realized and recognized gains and/or losses on the exchange?

b) What are Natalia and Sam's bases in the new buildings acquired?

Reference no: EM133063355

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