Business, 28.07.2019 06:40, McSporter

Bob owns a warehouse that is used in business while rebecca owns land. bob exchanges the warehouse for the land, which will be held for investment. the fmv of the warehouse is $440,000 (basis $240,000), but the warehouse is subject to a mortgage of $80,000, which is assumed by rebecca. bob receives $40,000 cash and the land, which has a fmv of $320,000. bob realizes a gain (loss) on the exchange of

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Bob owns a warehouse that is used in business while rebecca owns land. bob exchanges the warehouse f...