Mr Weller and the Olson Partnership Entered into an Exchange

question 96

Multiple Choice

Mr. Weller and the Olson Partnership entered into an exchange of investment real property. Mr. Weller's property was subject to a $428,000 mortgage, which Olson assumed. Olson's property was subject to a $235,000 mortgage, which Mr. Weller assumed. Which of the following statements is true?

• A) Mr. Weller received $193,000 boot; Olson paid $193,000 boot.
• B) Mr. Weller paid $193,000 boot; Olson received $193,000 boot.
• C) Mr. Weller received $428,000 boot; Olson received $235,000 boot.
• D) Mr. Weller paid $428,000 boot; Olson paid $235,000 boot.

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