Homework Answers
15.41
(a) Since the transaction qualifies as a like kind exchange section 1031(b) requires that tha gain should be only to the extent of boot received also, liabilities assumed by the other party are to be treated as money received by the taxpayer.
Gain = 450000-340000 =110000
Or
The boot received which is 260000(mortgage trf) which ever is lower
= 110000
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