Ans D
The consideration bis $770000
Calculated following:-
Urusla received following
Cash(250000)+ Note for (270000) + property of (80000) + Liability of mortgage of $(170000)
So , Total consideration Received = 770000
Pertaining and legal fee does note includes in the consideration Received
15. Ursula owns land with an adjusted basis of $400,000, subject to a mortgage liability of...
1. Jane owns a building for investment with an adjusted basis of $340,000 and a fair market value of $750,000. She exchanges the building for a building owned by Sue that Jane will use in her business. Sue’s building has a fair market value of $950,000 and is subject to a $200,000 liability. Jane assumes Sue’s liability and uses the building in her business. How much, if any, is Jane’s realized gain, recognized gain, and basis in the building received?...