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Jenny has an office building. She has an adjusted basis in the building of $100,000. Her brother, a doctor, owns an office building in California
- Jenny has an office building. She has an adjusted basis in the building of $100,000. Her brother, a doctor, owns an office building in California and agrees to trade buildings with her. The value of the office building in California is $300,000. If the exchange takes place this year,
- How much of the gain must Jenny recognize this year because of the exchange?
- What is Jennys basis in the office building in California?
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