Justin trades an office building located in Michigan to John for an apartment complex located in North Carolina. Details of the two properties: In addition, John pays Justin $3,000,000 cash as part of this transaction. What is the gain loss) recognized by John in this transaction and what is his basis in the Michigan property?

Question

Justin trades an office building located in Michigan to John for an apartment complex located in North Carolina. Details of the two properties:   In addition, John pays Justin $3,000,000 cash as part of this transaction. What is the gain loss) recognized by John in this transaction and what is his basis in the Michigan property?

Quizplus · Accepted Answer

The Answer of Justin trades an office building located in Michigan to John for an apartment complex located in North Carolina. Details of the two properties:   In addition, John pays Justin $3,000,000 cash as part of this transaction. What is the gain loss) recognized by John in this transaction and what is his basis in the Michigan property?

Justin Trades an Office Building Located in Michigan to John