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ACCOUNTING-Dena owns 500 acres of farm land in southeastern Maryland

Question # 00141060
Subject: Business
Topic: General Business
Due on: 12/26/2015
Posted On: 11/26/2015 03:19 PM

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Dena owns 500 acres of farm land in southeastern Maryland. Her adjusted basis for the land is $480,000 and there is a $400,000 mortgage on the land. She exchanges the land for an office building owned by Chris in Newark, New Jersey. The building has a fair market value of $900,000. Chris assumes Dena’s mortgage on the land. What is the amount of Dena’s recognized gain or loss on the exchange?
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ACCOUNTING-Dena owns 500 acres of farm land in southeastern Maryland

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