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Business, 19.08.2021 02:10 PollyB1896

Joe has had enough of his rental condo. He is tired of the aggravation of being a landlord. He has decided to pursue a tract of land to use as a parking lot. He wants to use a like-kind exchange so he minimizes any tax liability on the transaction. The FMV of the land is $320,000 and the owner has agreed to assume Joe's mortgage of $55,000 on the rental Condo. How much is Joe's amount realized, his gain realized and his gain recognized on the exchange

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