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Business, 19.10.2021 14:00 desireeandrada9

Chelsea owns 200 acres of farmland is southeastern Kentucky. Her adjusted basis for the land is $525,000, and there is a $390,000 mortgage on the land. She exchanges the land for an office building owned by Norbert in Albany, New York. The building has a fair market value of $450,000. Norbert assumes Chelsea's mortgage on the land. What is the amount of Chelsea's recognized gain or loss on the exchange

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Chelsea owns 200 acres of farmland is southeastern Kentucky. Her adjusted basis for the land is $525...
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