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This year, Raine exchanged her personal residence for an office building. The residence had a basis of $250k, an FMV of $400k, and had a

This year, Raine exchanged her personal residence for an office building. The residence had a basis of $250k, an FMV of $400k, and had a $120k mortgage. The office building had an FMV of $350k and had a $70k mortgage. Each party assumed the other party's mortgage. What is Raine's recognized gain?

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