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Elliot Mess exchanged a 12-unit apartment complex worth $320,000 (basis = $200,000) with Alfred Cappy for a warehouse property worth $325,000. Elliot also paid cash
Elliot Mess exchanged a 12-unit apartment complex worth $320,000 (basis = $200,000) with Alfred Cappy for a warehouse property worth $325,000. Elliot also paid cash of $5,000. How much is Elliotts gain or loss recognized?
a. $-0- B. $120,000 c. $5,000 d. -$5,000
6. How much is Elliotts basis in the warehouse that he receives?
a. $205,000 b. $230,000 c. $200,000 d. $315,000
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