In an exchange, Luciana gave up her business use real property (FMV $50000, adjusted basis $35000)...
In an exchange, Luciana gave up her business use real property (FMV $50000, adjusted basis $35000) for a smaller piece of business use real property (FMV $25000) and $25000 cash. Realized gain and Recognized gain?
a. $5000; $0
b. $15000;$0
c. $15000;$15000
d. $15000;$25000
Homework Answers
Realized gain = (FMV +Cash) - Adjusted basis
= (25000 + 25000) - 35000
= $15,000
No gain is recognized on the exchange of real property.
Answer: b
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