What is vivian''s recognized gain


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: What is vivian''s recognized gain
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