In an exchange, Julio gave up his business-use real property (FMV $95000, adjusted basis $45000) for...

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In an exchange, Julio gave up his business-use real property (FMV $95000, adjusted basis $45000) for...

In an exchange, Julio gave up his business-use real property (FMV $95000, adjusted basis $45000) for smaller piece of business use real property FMV $80000 and $15000 cash. What is gain realized and recognized on exchange?
A. $15000; $0
B. $50,000;$0
C. $50,000; $15000
D. $50,000;$50,000

business accounting

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Answer 1

Answer #1

The realized gain is $50000(80000+15000-45000) where as the recognized gain on an exchange is $15000.

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Answer 2

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