2:54 PM Mon Jul 26 wall 32% Wednesday 1132 PM Jerome traded his fully depreciated office building with a fair market value (FMV) of $12,000 in exchange for a business-ce office condominium with an FMV of 100,00 Jerome also paid the owner of the condominium $8,000 cash as part of the exchange. What is the amount of gain Jerome realized from this exchange, and what is the amount he must recognize and report as taxable income? so realized gain, 592,000 recognized gain 58.000 rewired gain, 592,000 recognized gain. $92,000 reaiced gain. So recognized gain $92.000 reaiced gain: 58.000 recognized gain Mark for follow up Question 24 of 25. When a like-kind exchange is considered to be a deferred exchange, the property to be received must be identified in writing within 30 days after the date that the property given up in the exchange is transferred change is transferred