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Gail Stream exchanged an apartment complex that she had owned for 9 years. The complex...

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Accounting

Gail Stream exchanged an apartment complex that she had owned for 9 years. The complex was worth $850,000 and Gails basis was $375,000. The transferee assumed a note secured by an interest in the property of $600,000. Gail received $40,000 cash and assumed liability for loans in the amount of $680,000 against the farmland worth $890,000 she received. How much is Gails gain recognized and her basis in the farmland?

Multiple Choice

  • $0; $335,000

  • $40,000; $455,000

  • $475,000; $890,000

  • $80,000; $495,000

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