TP exchanges Prettyview Apartments, (that has an adjusted basis of $170,000 and a fair market...
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TP exchanges Prettyview Apartments, (that has an adjusted basis of $170,000 and a fair market value of $200,000 that TP purchased on May 1, 2012), for Mountainview Apartments owned by B, (that has an adjusted basis in B's hands of $135,000 and a fair market value of $180,000 that B purchased on December 30, 1999) plus $20,000 cash to be paid by B to TP.
1. How much, if any, gain must TP recognize?
2. What is his basis in his newly acquired property?
3. How does TP calculate his holding period?
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