Julie transferred a building with an adjusted basis of $240,000 for another building with a fair market value of $350,000. The exchange qualified as a like-kind exchange. The realized gain on the exchange was $_ . The recognized gain on the exchange was $_ . Julie's adjusted basis in the building received is $___.
$110,000
$0
$240,000

The exchange qualified as a like-kind exchange. The realized gain on the exchange was $110,000 . The recognized gain on the exchange was $0. Julie's adjusted basis in the building received is $240,000.

An enclosed structure with a roof and walls that is standing more or less permanently in one location is referred to as a building, or edifice, such as a home or factory. Throughout history, buildings have been modified for a broad range of reasons, including the availability of construction materials, weather, land costs, ground conditions, particular applications, prestige, and aesthetic considerations.

Buildings come in a variety of sizes, forms, and functions. The primary functions of buildings in society are to provide protection from the elements, security, living space, privacy, a place to keep possessions, and a place where people can live and work comfortably.

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