(Answered) Question - taxpayer owns an office building with a fair

Accounting

Question - Taxpayer owns an office building with a fair market value of $1,400,000 and an adjusted basis of $860,000. The building is subject to a mortgage of $320,000. Taxpayer exchanges the building for a strip mall with a fair market value of $1,080,000 which is not mortgaged. The other party assumes Taxpayer's mortgage. Compute Taxpayer's realized gain, recognized gain (if any), and basis in the strip mall. Show any necessary calculations. Submit your answer in a Word file.

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