What is harvey recognized gain

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Problem 1: Harvey swaps his shopping center for Samantha's office building, and the exchange qualifies as a like-kind exchange. Harvey's adjusted basis for the shopping center is $600,000 and the center is subject to a liability of $180,000. The FMV of Samantha's office building is $770,000 and it is subject to a liability of $100,000. Each asset is transferred subject to the liability. What is Harvey's recognized gain, if any, on the transaction; and what is his basis in the office building?

Reference no: EM132722101

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