Tax
Astrid exchanges land with a $550,000 FMV that is used in her business for Ramon’s house, which has a $450,000 FMV. Ramon used the house personally, but Astrid plans on turning it into a rental house. Astrid’s basis in the land is $400,000, and the land is subject to a liability of $100,000, which Ramon assumes.
a.What is Astrid’s realized gain? What is Astrid’s recognized gain?
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c.Does Ramon qualify for like-kind exchange treatment?
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