Business
Business, 12.12.2019 02:31, desteyness8178

Prater inc. enters into an exchange in which it gives up its warehouse on 10 acres of land and receives a tract of land. a summary of the exchange is as follows: transferred fmv original basis accumulated depreciation warehouse $ 400,000 $ 315,000 $50,000 land 80,500 80,500 mortgage on warehouse 40,750 cash 31,750 31,750 assets received fmv land $471,500 what is prater’s realized and recognized gain on the exchange and its basis in the assets it received in the exchange?

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