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Oscar owns the land FMV $300.000 Basis, $150,000 Subject to a Mortgage of $50,000 Oscar with exchange the land with Cal. Cal will assume the
Oscar owns the land FMV $300.000 Basis, $150,000 Subject to a Mortgage of $50,000 Oscar with exchange the land with Cal. Cal will assume the $50,000 mortgage and the Fair Market Value of Cal's land is determined to be $250,000. What is Oscar's Realized gain? What is Oscar's Recognized gain (taxable gain)? What is Oscar's basis in the land received in the exchange?
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