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Health Medical

Description

Bubba exchanges a warehouse for a building she will use as an office building. The adjusted basis of the warehouse is $600,000, and the fair market value of the office building is $350,000. In addition, the taxpayer receives cash of $150,000. What is the recognized gain or loss and the basis of the office building?

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Explanation & Answer

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gain= 600000-350000-150000

          =100000 dollars

basis=600000-350000

        =250000 dollars

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