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What is realized gain and recognized gain

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Question - Bill exchanges unimproved land with a $53,000 basis and marketable securities with a $13,000 basis for an eight-unit apartment building having a $153,000 FMV. The land and marketable securities are held by Wayne as investments, and the apartment building is held as an investment. The marketable securities have a $28,000 FMV. What is his realized gain, recognized gain, and the basis for the apartment building? Show your calculations.

Reference no: EM132546771

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