In the current year Tatum exchanged farmland for an office building. The farmland had a basis of $250,000, a fair market value (FMV) of $400,000, and was encumbered by a $120,000 mortgage. The office building had an FMV of $350,000 and was encumbered by a $70,000 mortgage. Each party assumed the other's mortgage. What is the amount of Tatum's recognized gain?

$50,000

Explanation:

Note that the exchange here is a business property for another business property.

i.e. farmland for office building.

The total consideration (amount) received by tantrum is $350,000 (i.e. the FMV) and the mortgage of $120,000 .

This amounts to $120,000 + $350,000

= $470,000.

The property given up was worth $250,000.

And there's a mortgage of $70,000 given up along with the property.

This amounts to $250,000 + $70,000

= $320,000

The realized gain = $420,000 - $320,000

Gain = $150,000

But the recognised gain which will be lesser than the total realised gain is calculated by

$120,000 - $70,000

= $50,000

This is so because the $120,000 of mortgage given up by a party and assumed by the other party is treated as boot received, and the $70,000 of mortgage assumed is treated as boot given up.

The $50,000 of boot received is the recognized gain.

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