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Jon exchanges some real estate (basis $750,000 and FMV of $1,500,000) for other real estate owned by Jeff (basis $500,000 and FMV $1,400,000) and $100,000

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Jon exchanges some real estate (basis $750,000 and FMV of $1,500,000) for other real estate owned by Jeff (basis $500,000 and FMV $1,400,000) and $100,000 in cash. Assume this is a valid 1031 exchange/ tax free exchange What is Jon's: Realized gain/ loss: Recognized gain/ loss: Basis in new real estate: What is Jeff's: Realized gain/ loss: Recognized gain/ loss: Basis in new real estate

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