Christie exchanged an old office building for a new building in a different part of town. In
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Question:
Christie exchanged an old office building for a new building in a different part of town. In addition she received $5,000 in cash. She bought the old building in 2011. This building currently has an adjusted basis of $30,000. The new building has a fair market value of $36,000.
Determine the gain or loss that Christie would recognize on this exchange.
Determine the basis of the new office building.
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