421 chapter 15 in-class problems-completed

421 chapter 15 in-class problems-completed - 29 Amount...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
29 Amount realized: FMV of land received 210,000 less basis of land given (250,000) Realized loss (40,000) Recognized loss - This transactions qualifies as a like-kind exchange under §1031 gains and losses generally are not currently recognized. Basis in new land is $250,000, the basis in the land given up. 30 a Amount realized: FMV of new car 16,000 less basis of car given (19,000) Realized loss (3,000) Recognized loss - This transactions qualifies as a like-kind exchange under §1031 gains and losses generally are not currently recognized b Basis in the new car is $19,000, the basis in the car given up or F of realized loss not recognized. c §1031 does not apply to personal use assets and therefore, th recognized because taxpayers are not allowed to recog 41 a b Amount realized: FMV of asset received 12,000 15,000 Boot received 4,000 - Total amount realized 16,000 15,000 less basis of asset given (7,000) (14,000) less boot given - (2,000) Realized gain (loss) 9,000 (1,000) Recognized gain (loss)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

421 chapter 15 in-class problems-completed - 29 Amount...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online