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What is jordan basis in the building received from dexter

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Reference no: EM132106990

Question - Jordan owns a building used in his business with an adjusted basis of $340,000 and a $750,000 FMV. He exchanges the building for a building owned by Dexter, whose building has a FMV of $950,000 but is subject to a $200,000 liability. Jordan assumes the liability and uses the building in his business. What is Jordan's

a. realized gain?

b. recognized gain?

c. basis in the building received from Dexter?

Reference no: EM132106990

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