taxpayer exchanges land A for Land B . ( Like Kind property topic in Accounting ) Land A = Adjusted Basis = 190,000 Land...

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taxpayer exchanges land A for Land B . ( Like Kind property topic in Accounting ) Land A = Adjusted Basis = 190,000 Land...

taxpayer exchanges land A for Land B . ( Like Kind property topic in Accounting )

Land A = Adjusted Basis = 190,000

Land B = Fair Market value 210,000and a Car FMV 15,000

What is realized Gain ? what is Recognized gain ?

what is the basis for land B ?

business accounting

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Answer 1

Answer #1

Realized gain will be higher price of Land B compare to Land A i.e. = 210000-190000= 20000

Recognized Gain will be which we have received in hand i.e. Car whose FMV is 15000.

Basis for Land B will be 210000.

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Answer 2

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