Soledad left her son Juan property valued at $700,000 when she died. Soledad paid $825,000 for the property but its adjusted basis was only $450,000 when she died. Juan did not want the building so he authorized the administrator to complete the sale of the building 6 months after Soledad's death for $650,000. Due to the decline in value of a number of Soledad's other assets after her death, the administrator elected the alternate valuation date for the assets. What is the realized and recognized gain or loss on the sale of the asset? Explain your answer.

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The Answer of Soledad left her son Juan property valued at $700,000 when she died. Soledad paid $825,000 for the property but its adjusted basis was only $450,000 when she died. Juan did not want the building so he authorized the administrator to complete the sale of the building 6 months after Soledad's death for $650,000. Due to the decline in value of a number of Soledad's other assets after her death, the administrator elected the alternate valuation date for the assets. What is the realized and recognized gain or loss on the sale of the asset? Explain your answer.

Soledad Left Her Son Juan Property Valued at $700,000 When