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Problem - Shontelle owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. She transfers the apartment house to Dave and receives from him $120,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Dave assumes the $192,000 mortgage on the apartment house.
Required -
a. What is Shontelle's realized gain or loss?
b. What is her recognized gain or loss?
c. What is the basis of the newly acquired office building?
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