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Accounting

Vivian and Leonard exchange real estate in a like-kind exchange. Vivian's basis in the real estate, subject to a $150,000 mortgage, is $220,000 and the fair market value is $300,000. She receives real estate with a fair market value of $150,000, and Leonard assumes the mortgage. What is Vivian's recognized gain and adjusted basis for the real estate received?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M959350

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