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What is perry? basis for the building? received

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Question - Perry owns a building used in his business with an adjusted basis of $310,000 and a $875,000 FMV. He exchanges the building for a building owned by Dale. Dale?'s building has a $1,150,000 FMV but is subject to a $275,000 liability. Perry assumes Dale?'s liability and uses the building in his business.

Required -

1. What is Perry realized? gain?

2. What is Perry? recognized? gain?

3. What is Perry? basis for the building? received?

Reference no: EM133159470

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