Business

16 March, 18:14

On october 1, 2014, donald anderson exchanged an apartment building having an adjusted basis of $375,000 and subject to a mortgage of $100,000 for $25,000 cash and another apartment building with a fair market value of $550,000 and subject to a mortgage of $125,000. the property transfers were made subject to the outstanding mortgages. what amount of gain should anderson recognize in his tax return for 2014?

a. $0

b. $25,000

c. $125,000

d. $175,000

+5

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