In an exchange, Eldridge gave up his fully depreciated business-use office condominium (FMV $75,000) and $5,000...
In an exchange, Eldridge gave up his fully depreciated business-use office condominium (FMV $75,000) and $5,000 for an office building (FMV $80,000). What is the gain realized and recognized on the exchange? ______ realized gain; _____ recognized gain. *
$75,000; $0
$0; $80,000
$75,000; $5,000
$5,000; $75,000
Homework Answers
OPTION: $75000, $0
EXPLANATION:
realized gain = FMV of office building - cash paid
= $80000 - $5000
= $75000
realized gain = gain on sale of asset
recognized gain = $0
realized gain is the difference between basis of the asset & sales price
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