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5 Pages
Chapter12HW Solution
Course: ACC 406, Spring 2012School: Tarleton
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Word Count: 443
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of Problem a. 12-28 FMV equipment received Basis of equipment exchanged Realized gain Recognized gain (no boot, like kind exchange) Basis of property exchanged 85,000.00 (20,000.00) 65,000.00 0 20,000.00 Less: Boot received Plus: Gain recognized Less: Loss recognized Basis of equipment b. FMV of equipment Boot received Basis of equipment Realized gain Recognized received received exchanged gain, to...
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of Problem
a.
12-28
FMV equipment received
Basis of equipment exchanged
Realized gain
Recognized gain (no boot,
like kind exchange)
Basis of property
exchanged
85,000.00
(20,000.00)
65,000.00
0
20,000.00
Less: Boot received
Plus: Gain recognized
Less:
Loss recognized
Basis of equipment
b.
FMV of equipment
Boot received
Basis of equipment
Realized gain
Recognized
received
received
exchanged
gain, to extent of boot
Basis of property exchanged
Less: Boot received
Plus: Gain recognized
Less: Loss recognized
Basis of equipment
c.
FMV of equipment
Boot received
Basis of equipment
received
received
exchanged
Realized gain
Recognized
gain, to extent of boot
Basis of property exchanged
Less: Boot received
Plus: Gain recognized
Less: Loss recognized
Basis of equipment
d.
FMV of equipment
Boot received
Basis of equipment
received
received
exchanged
Realized gain
Recognized
gain, limited to realized gain
Basis of property exchanged
Less: Boot received
Plus: Gain recognized
Less:
70,000.00
14,000.00
(45,000.00)
39,000.00
14,000.00
45,000.00
(14,000.00)
14,000.00
45,000.00
65,000.00
25,000.00
(60,000.00)
30,000.00
25,000.00
60,000.00
(25,000.00)
25,000.00
60,000.00
60,000.00
38,000.00
(70,000.00)
28,000.00
28,000.00
70,000.00
(38,000.00)
28,000.00
Loss recognized
Basis of equipment
e.
20,000.00
FMV of equipment
Boot received
Basis of equipment
Realized gain
Recognized
received
received
exchanged
60,000.00
55,000.00
22,000.00
(90,000.00)
(13,000.00)
gain, limited to realized gain
Basis of property exchanged
Less: Boot received
Plus:
Gain recognized
Less:
90,000.00
(22,000.00)
Loss recognized
Basis of equipment
received
68,000.00
Problem 12-30
a.
FMV of new machine
Boot received
Basis in old machine
Realized gain
Recognized gain, boot received
Basis
Less:
Add:
Less:
of old machine
Boot
Gain recognized
Basis recognized
Loss of new equipment
b.
FMV of new machine
Boot received
Liability assumed
Basis in old machine
Realized gain
Recognized gain, boot received
Basis
Less:
Add:
Less:
of old machine
Boot
Gain recognized
Loss recognized
Basis of new equipment
18,000.00
3,000.00
(14,000.00)
7,000.00
3,000.00
14,000.00
(3,000.00)
3,000.00
14,000.00
18,000.00
3,000.00
6,000.00
(14,000.00)
13,000.00
9,000.00
14,000.00
(9,000.00)
9,000.00
14,000.00
(cash plus liability assumed)
Problem 12-32
a.
Amount Realized
Less: Basis of land exchanged
Debt assumed by Paul
950,000.00
340,000.00
200,000.00
(540,000.00)
410,000.00
Gain realized
b.
No gain is recognized because Paul does not receive boot
c.
Basis of land
Debt assumed
340,000.00
200,000.00
Basis in building
540,000.00
Problem 12-40
a.
Newark must pay at least $840,000 for the replacement property
b.
The property must be replaced by 12/31/2013
c.
None of the gain may be deferred because an office building and a storage
tank are not functionally related. Recognize gain of $240,000 ($840,000 - $600,000)
d.
If real property used in a trade or business is condemned, the replacement
period is 3 years from the end of the tax year in which the gain is realized.
Newark must replace the properties by 12/31/2013.
If real property
used in a trade or business is condemned, the property may be replaced by
obtaining like-kind property. Since the replacement property cost $810,000
and the amount realized is $840,000, only $30,000 of the gain is
recognized. The remaining gain of $210,000 ($240,000 - $30,000) is
deferred.
Problem 12-44
Sales price
Selling expenses
Basis
Realized gain
300,000.00
(11,000.00)
(200,000.00)
89,000.00
Recognized gain is $0 because they own and use the house for at least
two of the five-year period before the sale.
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