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What is joan recognized gain and basis

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Question - Joan exchanges a building she uses in her rental business for a building owned by Robert that she will use in her rental business. The adjusted basis of Joan's building is $150,000, and the FMV is $240,000. The adjusted basis of Robert's building is $70,000, and the FMV is $240,000. What is Joan's recognized gain and basis in the building received?

Reference no: EM133169459

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