Lisa exchanges machinery (adjusted basis $44,000) for an office building with a FMV of $98,000....
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Accounting
Lisa exchanges machinery (adjusted basis $44,000) for an office building with a FMV of $98,000. The office building is subject3 to a $45,000 mortgage which Lisa assumes. Lisa must recognize a gain of a. $0. b. $1,000.
c. $9,000. d. $54,000. e. None of the above.
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