Mr. Lee owned a duplex which he used as a rental property. The adjusted basis...
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Accounting
Mr. Lee owned a duplex which he used as a rental property. The adjusted basis on the property was $217000. He traded the duplex for a business complex with 10 rentable office spaces. The business complex had a fair market value of $651000. What is Mr. Lees recognized gain on the exchange?
A) $434000 recognized gain B) $434000 deferred loss C) $0 recognized gain D) Need the fair market value for the duplex
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