Bianca and Dion exchange real estate in a like-kind exchange. Bianca's basis in the real estate, subject to a $100,000 mortgage, is $250,000 and the fair market value is $300,000. She receives real estate with a fair market value of $200,000 and Dion assumes the mortgage. What is Bianca?s recognized gain and adjusted basis for the real estate received? a. $0, $150,000. b. $50,000, $200,000. c. $50,000, $300,000. d. $100,000, $300,000. e. None of the above.
Paper#11180 | Written in 18-Jul-2015Price : $25