Realized Gain or Loss (LO. 3) Elvira owns an office building, and Jared Partnership owns an apartment building. Each property is encumbered by a mortgage. Elvira and Jared Partnership agree to exchange their properties and mortgages, with any difference to be paid in cash. The fair market values, mortgages, and adjusted bases for the properties are as followes Jared Elvira's Building Partnership Building Fair market value Mortgage debt Adjusted basis $217,100 87,500 103.600 $231,500 166.800 181.800 a. Complete the computations below to be included in a letter to Elvira explaining who will have to pay cash to complete the exchange, the amount of her gross selling price, and the amount of gain or loss she will realize on the exchange Jared Elvira's Building Partnership Building Difference Fair market value Mortgage debt Equity in building s Determine the gross selling price. Jared Cash Value of building received Mortgage assumed by Jared PreviousNext