Solved: Terry assumes rays mortgage of 20000 as part of the terms, Accounting Basics

Terry assumes rays mortgage of 20000 as part of the terms

Question - Ray owns a rental property with an adjusted basis in Ray's hands of $100,000. Ray's property is subject to a mortgage of $20000.Ray transfers his rental property to Terry in exchange for $10000 cash and an apartment building with a fair market value of $150,000. Terry's property has no mortgage on it. Terry assumes Ray's mortgage of $20000 as part of the terms of the exchange.

What is Ray's REALIZED gain on this transaction?

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Accounting Basics: Terry assumes rays mortgage of 20000 as part of the terms

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Accounting Basics: Terry assumes rays mortgage of 20000 as part of the terms

Reference No:- TGS02427714

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