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Cary exchanges real estate for other real estate in a qualifying like-end exchange. Carey's basis in the real estate given up is $120,000, and the property has a fair market value of of $165,000. In exchange for her property, Carey receives real estate with a fair market value of $100,000 and cash of $15,000. In addition, the other party to the exchange assumes a mortgage loan on Carey's property of $50,000.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91794934

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