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this is for the tax year 2019, please show work. thank you! Like-Kind Exchange: Liabilities. Paul owns a building used in his business with an

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this is for the tax year 2019, please show work. thank you!

Like-Kind Exchange: Liabilities. Paul owns a building used in his business with an adjusted basis of $340,000 and a $750,000 FMV. He exchanges the building for a building owned by Kelley. Kelley's building has a $950,000 FMV but is subject to a $200,000 liability. Paul assumes Kelley's liability and uses the building in his business. What is Paul's a. realized gain? b. recognized gain? c. basis for the building received

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