(Answered) Ashley owns 200 acres of farmland held as investment real

Accounting

Ashley owns 200 acres of farmland (held as investment real estate) with an adjusted basis of $525,000. There is a $390,000 mortgage on this land. She exchanges the land for an office building, owned by Chris, with a fair market value of $450,000. Chris assumes the mortgage. Calculate Ashley's recognized gain or loss on the like-kind exchange and the adjusted basis of the office building.

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