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Jordan owns a building used in his business with an

Question - Jordan owns a building used in his business with an adjusted basis of $340,000 and a $750,000 FMV. He exchanges the building for a building owned by Dexter, whose building has a FMV of $950,000 but is subject to a $200,000 liability. Jordan assumes the liability and uses the building in his business. What is Jordan's

a. realized gain?

b. recognized gain?

c. basis in the building received from Dexter?

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Accounting Basics: Jordan owns a building used in his business with an

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