in an exchange, Florida gave up her investment use real property FMV $25000, basis $12000) and $5000 for a larger piece...

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Question

in an exchange, Florida gave up her investment use real property FMV $25000, basis $12000) and $5000 for a larger piece...

in an exchange, Florida gave up her investment use real property FMV $25000, basis $12000) and $5000 for a larger piece of investment use property (FMV $50000), what is the gain realized and recognized exchange?
A. $0;$13000
B.$5000;$17000
C.$13000; $0
D. $17000, $5000

business accounting

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Answer 1

Answer #1

According to the question, Floridas realized gain = (amocent realized - 1. adjusted basis) = ($25,000 - $ 12,000) = $13,000

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Answer 2

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in an exchange, Florida gave up her investment use real property FMV $25000, basis $12000) and $5000 for a larger piece...