Linda Loren transfers an apartment building with an adjusted basis of $150,000 and a fair...
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Accounting
Linda Loren transfers an apartment building with an adjusted basis of $150,000 and a fair market value of $240,000 for Carol Combs apartment building (adjusted basis $140,000) with a fair market value of $200,000. Lindas mortgage of $60,000 is assumed by Carol whose mortgage of $20,000 is assumed by Linda.
a.What is the realized and recognized gain or loss for Linda and Carol
b. what are their bases in their acquired buildings?
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