What is the gain or loss realized for y

Reference no: EM133504302

Question: X exchanged rental property worth $50,000 with an adjusted basis of $40,000 and no liabilities, for Y's rental property worth $90,000 which had an adjusted basis of $72,000 and which was subject to a mortgage of $65,000. Y also transferred to X $20,000 worth of stock in which Y had an adjusted basis of $13,000. What is the gain or loss realized for Y?

Reference no: EM133504302

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