Like Kind Exchange

Question 0

Old building AB 220k. FMV 300k mortgage 60k cash 10k New building AB 200k FMV 250k mortgage 50k

Answer 0

Recognize gain 10k. New building basis 230k

Question 1

Old building AB 200k. FMV 250k mortgage 50k. New building FMV 300k AB 220k Mortgage 60k cash 10k

Answer 1

Recognized gain 10k. New building basis 210k