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Andrew transferred an apartment building held for investment to Heidi in exchange for an office building. The apartment building had a $10,000 mortgage attached to
Andrew transferred an apartment building held for investment to Heidi in exchange for an office building. The apartment building had a $10,000 mortgage attached to the property which Mona assumed as part of the exchange. The office building had an adjusted basis of $20,000 and a FMV of $35,000. The apartment building had a FMV of $50,000 and an adjusted basis of $30,000. Katrina also received $5,000 cash. What is Katrinas recognized gain on this exchange?
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