Individual C traded an office building (basis $65,000, FMV $400,000) and $100,000 in cash for individual D's apartment building (basis $50,000).

Individual C traded an office building (basis $65,000, FMV $400,000) and $100,000 in cash for individual D's apartment building (basis $50,000). There is a $200,000 mortgage on the apartment building, and C will assume that mortgage. 

                                C                                              D

FMV of apt building=700,000