Summer Exchanges an Office Building Used in Her Business for Another

question 115

Essay

Summer exchanges an office building used in her business for another office building.Summer's office building has a FMV of $250,000 (basis of $180,000).The FMV of the new building is $300,000,and it is subject to a mortgage of $60,000,which is assumed by Summer.Summer also pays the other party $40,000 cash.
a.What is the amount of gain realized by Summer?
b.What is the amount of gain recognized by Summer?
c.What is the basis of the new building to Summer?

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Definitions:

Printing Press

A mechanical device invented in the 15th century used for mass-producing copies of text and images, significantly impacting information dissemination and literacy.

Johannes Gutenberg

The inventor of the movable type printing press in Europe around 1440, significantly impacting the spread of knowledge.

Mass Marketed

Products or services that are targeted at a wide audience or general public, typically involving large-scale production and promotion.

Conflict Perspective

A sociological approach that views social life as a competition, focusing on the distribution of resources, power, and inequality.