Question

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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Answer #1

Particular Amount Explanation (1) Amount realized from Land B S 2,40,000 Given (2) Amount realized from boots - Given (cash)

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