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LaRhonda owns an office building that has an adjusted basis of $50,400. The building is subject to a mortgage of $22,000. She transfers the building
LaRhonda owns an office building that has an adjusted basis of $50,400. The building is subject to a mortgage of $22,000. She transfers the building to Miguel in exchange for $16,800 cash and a warehouse with an FMV of $55,600. Miguel assumes the mortgage on the building. Required: a. What are LaRhonda's realized and recognized gain or loss? b. What is her basis in the newly acquired warehouse? 8. b. Basis of warehouse Amount
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