Todd assumes the mortgage what is her recognized gain and


Question - Rita and Todd exchange real estate in a like-kind exchange. Rita's property is subject to a $40,000 mortgage and has a basis of $75,000 (fair market value of $112,000). She receives real estate with a fair market value of $72,000 and Todd assumes the mortgage. What is her recognized gain and adjusted basis for the real estate received?

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Accounting Basics: Todd assumes the mortgage what is her recognized gain and
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