Raemonds apartment building FMV is 1,000,000

22 (2 points) On June 30, 2020, Raemond exchanged his apartment complex worth $1,000, FMV for an office building worth $800,000 and $100,000 cash. Raemond boug property on September 20, 2015 for $750,000. On the date of exchange, the transferee assumed Raemond's remaining liabilities of $100,000 for the apartme complex. Both properties are used for business operations and investments. Raemond's recognized gain is: $200,000 $100,000 $250,000 $50,000 Next Page