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Jane has an apartment complex with an adjusted basis of $250,000 and a liability (mortgage) of $50,000. She exchanges this complex for vacant land that

Jane has an apartment complex with an adjusted basis of $250,000 and a liability (mortgage) of $50,000. She exchanges this complex for vacant land that Jason holds. The vacant land has an adjusted basis of $175,000 and a fair market value of $300,000. In addition, Jane receives $25,000 in cash in the exchange.

What is Jane's recognized gain on this exchange?

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