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1.    Jenny has an office building. She has an adjusted basis in the building of $100,000. Her brother, a

doctor, owns an office building in California and agrees to trade buildings with her. The value of the office building in California is $300,000. If the exchange takes place this year,

a)    How much of the gain must Jenny recognize this year because of the exchange?

b)    What is Jenny's basis in the office building in California?

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a).The gain that Jenny recognizes because of... View the full answer

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