Carolyn and arthur exchange real estate in a like-kind, Ask an Expert

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Carolyn and Arthur exchange real estate in a like-kind exchange. Carolyn's basis in the real estate, subject to a $100,000 mortgage, is $350,000 and the fair market value is $500,000. She receives real estate with a fair market value of $400,000 and Arthur assumes the mortgage. What is Carolyn's recognized gain and adjusted basis for the real estate received?

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Category:- Accounting Basics
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