KC owns an apartment building held for investment purposes. The apartment building is worth $450,000, although it is subject to a mortgage of $75,000. KC's basis in the apartment building is $300,000. KC exchanges the apartment building for an office building. The office building has a FMV of $325,000. KC receives $50,000 cash in addition to receiving the office building, and the other party assumes the apartment building mortgage. What is KC's recognized gain on this exchange?
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KC owns an apartment building held for investment purposes. The apartment building is worth $450,000...
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