Mrs. Volter exchanged residential real estate for a commercial office building. The residential real estate...
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Accounting
Mrs. Volter exchanged residential real estate for a commercial office building. The residential real estate was subject to a $92,800 mortgage, which was assumed by the other party to the exchange. Mrs. Volter must treat the relief of the mortgage as $92,800 boot received.
A. Acme's realized gain is $122,700 and recognized gain is -0-.
B. Beamer's realized gain is $56,800 and recognized gain is $15,000.
C. Acme's basis in its newly acquired asset is $117,300.
D. Beamer's basis in its newly acquired asset is $168,200.
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