Multiple Choice
Rita and Todd exchange real estate in a like-kind exchange.Rita's property is subject to a $40,000 mortgage and has a basis of $75,000 (fair market value of $112,000) .She receives real estate with a fair market value of $72,000 and Todd assumes the mortgage.What is her recognized gain and adjusted basis for the real estate received?
A) $0;$75,000.
B) $37,000;$72,000.
C) $37,000;$75,000.
D) $40,000;$115,000.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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