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Business, 20.12.2019 02:31 ginareyes0423

Dena owns 500 acres of farm land in southeastern maryland. her adjusted basis for the land is $480,000 and there is a $400,000 mortgage on the land. she exchanges the land for an office building owned by chris in newark, nj. the building has a fair market value of $900,000. chris assumes dena's mortgage on the land. what is the amount of dena's recognized gain or loss on the exchange?

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Dena owns 500 acres of farm land in southeastern maryland. her adjusted basis for the land is $480,0...
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