Use the information above, but change the following assumpti…
Use the information above, but change the following assumptions: The mortgage attached to the building and land was $600,000 The building has a FMV of $250,000 The land has a FMV of $530,000 Total FMV $800,000; AB of $410,000 E. What amount of gain/loss does Lorrie recognize as a result of the transfer?
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