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Anthony owns an apartment building that he purchased ten years ago for $349,000. His current adjusted basis is $227,000 and his outstanding mortgage is $248,000.

Anthony owns an apartment building that he purchased ten years ago for $349,000. His current adjusted basis is $227,000 and his outstanding mortgage is $248,000. Anthony sells the building for cash of $280,000 plus assumption of his mortgage. He pays commissions on the sale of $27000 title transfer fees of $500, and an attorney at closing $1100. 

What is Anthony's recognized gain?


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