Please answer all parts! Mary owns an apartment building that has an adjusted basis of...
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Accounting
Please answer all parts!
Mary owns an apartment building that has an adjusted basis of $1,280,000 but subject to a mortgage of $420,000. Mary transfers the apartment building to Gary, and receives from Gary $330,000 in cash and an office building with a fair market value of $780,000 at the time of the exchange. Gary assumes the $420,000 mortgage on the apartment. The transfer is a like-kind exchange.
a) what is Marys realized gain/ loss?
b) what is Mary recognized gain/loss?
c) what is Marys basis of the newly acquired office building?
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