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Arthur owns a rental property with an adjusted basis 100000

Question: Arthur owns a rental property with an adjusted basis $100,000.

Arthurs property is subject to a mortgage of $20, 000.

Arthur transfers the property with the $20,000 mortgage on it (which steve assumes) to Steve in exchange for (1) $10,000 in cash (2) and an apartment building with a fair market value of $150,000. Steves apartment building has no mortgage on it.

What is Arthur's realized gain on this transaction?

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Accounting Basics: Arthur owns a rental property with an adjusted basis 100000

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Accounting Basics: Arthur owns a rental property with an adjusted basis 100000

Reference No:- TGS02756150

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