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Lily exchanges an apartment building with a basis of 90,000 and a FMV of $120,000, and receives an office building with a FMV of $115,000
Lily exchanges an apartment building with a basis of 90,000 and a FMV of $120,000, and receives an office building with a FMV of $115,000 and cash of $5,000. Assume all properties, other than boot, are business assets held more than one year.
Question A: The taxpayer's recognized gain is .
Questions B: The taxpayers basis in the new office building is .
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