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Unformatted text preview: 50000 Check this: If I sell tomorrow 100000 my basis in land 50000 deferred gain pops out 50000 Your gain FMV received 150,000 Less: basis 70,000 Less: debt assumed 50,000 Gain 30,000 Your basis in land 70,000 Check this: plus debt assumed 50,000 If you sell tomorrow 150,000 Your basis in building 120,000 your basis 120,000 deferred gain pops out 30,000 3) I have a building. FMV 110,000 Basis 40,000 Building is destroyed by fire. I receive $110,000 from insurance. Realized gain is 70,000 I buy a replacement building. Pay 100,000 Deferred gain is 60,000 Recognized gain is 10,000 Basis of new building is 40,000 Check this: Sell 100000 Basis 40,000 Deferred gain pops out 60,000...
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This homework help was uploaded on 02/20/2009 for the course H ADM 422 taught by Professor Lhensley during the Fall '08 term at Cornell.
- Fall '08