36

Question 36 (1 point) Use the following for Questions 35 through 40. Cooper and Dane exchanged properties with each other. Cooper exchanged a commercial building and land with a basis of $200,000 and a fair market value of $400,000. The property exchanged by Cooper was also subject to a $160,000 liability that was assumed by Dane in the exchange. In addition to the liability assumption, Dane gave Cooper a smaller commercial building in a different location. That building had a fair market value of $330,000 and an adjusted basis to Dane of $260.000. The property exchanged by Dane was subject to a $120,000 liability that was assumed by Cooper in the exchange. To even up the exchange, Dane also gave Cooper $30,000 in cash. What was Dain's realized gain? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!! A/ Question 37 (1 point) Use the following for Questions 35 through 40. Cooperand. Dane. exchanged arenerties with each other Gooner exchangedia