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Problem - Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his business). The assets have the following characteristics:
Adjusted Basis
Fair Market Value
Sarah's real property
$120,000
$300,000
Tyler's real property
60,000
220,000
Equipment
50,000
80,000
Required -
a. What are Sarah's recognized gain or loss and basis for the land and building and equipment acquired from Tyler?
b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Sarah?
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