Hey guys, in Becker ch.3 mod 2, the formula for gain calc is “amount realized” which consists of money received, cancellation of debt, fmv of property minus adjusted basis of assets sold. well how come in this question for a C Corp., the the liabilities assumed (Cancellation of debt) and the Cash received for Jones are not included in the “Amount realized” portion of the realized gain calc. They only include the FMV of the property as “amount realized”
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