Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the...
Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $36,000. The new land had a fair market value of $39,000. Arlington also received $10,000 of office equipment in the transaction. What is Arlington's recognized gain or loss on the exchange? Multiple Choice $3,000. None of the choices are correct. $13,000. $0. $10,000.
Homework Answers
The answer is $10,000
Explanation:
The recognised gain is Lower of
Realized gain which is ($39,000+$10,000-$36,000) = $13,000
Fair market value of boot which is $10,000.
Therefore Recognized gain is $10,000.
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Arlington LLC exchanged land used in its business for some new
land. Arlington originally purchased the...
Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the...
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Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the...
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