Susan Sundry exchanges her small office building (adjusted basis of $127,000 and fair market value of $154,000)
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Susan Sundry exchanges her small office building (adjusted basis of $127,000 and fair market value of $154,000) for Tina Thompson's warehouse (adjusted basis of $112,000 and fair market value of $123,000). Tina assumes Susan's mortgage of $31,000. What is Susan's recognized gain on the exchange and her basis in the warehouse?
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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