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QUESTION
Arthur owns a rental property with an adjusted basis $100,000. Arthurs property is subject to a mortgage of $20, 000.
Arthur owns a rental property with an adjusted basis $100,000.
Arthurs property is subject to a mortgage of $20, 000.
Arthur transfers the property with the $20,000 mortgage on it (which steve assumes) to Steve in exchange for (1) $10,000 in cash (2) and an apartment building with a fair market value of $150,000. Â Steves apartment building has no mortgage on it.
Question - What is arthur's Recognized on this transaction
