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The property transfers were made subject to the outstanding

On October 1, Shelly exchanged an apartment building (adjusted basis of $775,000, fair market value of $850,000) for another apartment building owned by Brian (fair market value of $575,000 and subject to an assumable mortgage of 225,000) and $50,000 cash. The property transfers were made subject to the outstanding mortgage. What is Shelly's realized gain, recognized gain, and new basis?

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Accounting Basics: The property transfers were made subject to the outstanding

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