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7. Zelda owns a building. Zeldas basis in the building is $300,000 and the fair...

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Accounting

7. Zelda owns a building. Zeldas basis in the building is $300,000 and the fair market value is $1,000,000. There is a mortgage on the building of $250,000. Homer owns a building worth $750,000 and his basis is $800,000. Zelda and Homer exchange buildings and Homer assumes Zeldas mortgage. How much gain or loss will each of them recognize on the transaction? What will their basis be in the property they receive

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