April 27th Quiz Solution

April 27th Quiz Solution - Name Class Date ID A Quiz ch 12...

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Unformatted text preview: Name: Class: Date: ID: A Quiz ch 12 Short Answer Scott and Mike exchange inachineiy in a qualified likevkind exchange. Scott's old machine, which Originally cost $42,000. has an adjusted basis 0f$26,000. His Old machine is worth $32,000. Since the machine Mike is trading is worth only 3527.000 (Mike's basis is 318000). Mike will even up the exchange by giving Scett $5,000 in CHSlL ' a. What is Scott’s realized gain (loss) on the machine? Piece—2:1): also: rigs-F ’3. - 3:23.32: 49 ' . 25.5“: #515 . 7 7 ,.———¢~——-£ we“ Kaleb/2.579 629—: M be What is Scott's recognized gain (loss) on the machine? )FECOQMILED 2 30076357244 Ina—m) “g‘b‘ C. What is the Character of Scott's gain or loss on the machine? 'é/Léfl—Sfl @ILfl/dey /Nc-,a>d7¢;. cl. What is Scott’s basis in his new machine? ...
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