This topic is Like - Kind Property from the South Western Federal Taxation property textbook Land A : Fair Market Value...
This topic is Like - Kind Property from the South Western Federal Taxation property textbook
Land A : Fair Market Value = 225,000
Adjusted basis = 190,000
Land B =225,000
Adjusted Basis = 140,000
What is the amount realized , Adjusted basis ? Realized gain or Loss ? Recognized gain or Loss ? tthere was a like kind property exhnage .
Homework Answers
On exchange of properties, owner of Land A will recognise a gain of $35000 and owner of Land B will recognise a gain of $85000 being capital gains. The adjusted basis for both the owners will be $225000. Realised gain ideally would mean what cash flow will be generated from the Land A and Land B which is the fair market value of $225000 for both lands. So realised gain and recognised gain will be the same for owners of Land A and Land B of $35000 and $85000 respectively.
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This topic is Like - Kind Property from the South Western Federal Taxation property textbook Land A : Fair Market Value...
taxpayer exchanges land A for Land B . ( Like Kind property topic in Accounting )...
taxpayer exchanges land A for Land B . ( Like Kind property topic in Accounting ) Land A Adjusted Basis = 190,000 + Cash + 5000 Land B Fair Market Value = 240,000 What is realized Gain ? what is Recognized gain ? what is the basis for land B ?
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Required information (The following information applies to the questions displayed below) Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000 and Land A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave...
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