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T11F-Chp-12-3-Like-Kind Exchange Slides-2010

T11F-Chp-12-3-Like-Kind Exchange Slides-2010 - Joan Gives...

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Chapter 12 Like-Kind Exchange Slides Howard Godfrey, Ph.D., CPA UNC Charlotte Copyright © 2010, Dr. Howard Godfrey Edited November 08, 2010.
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Option A Land given by Joan Adj. basis of land given $300,000 F.M.V. of land given $500,000 Cash Given by Joan Land received by Joan FMV of "NEW" land $500,000 Cash Received by Joan
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Joan's Option A Realized gain? Recognized gain? Basis in new land?
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Joan's Option A Realized gain? $200,000 Recognized gain? 1 $0 Basis in new land? 1 $300,000
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Joan receives - FMV 4 Land-FMV $500,000 5 Relieved of debt 6 Cash 7 Other asset 8 Total value received $500,000
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Unformatted text preview: Joan Gives - Basis 9 Basis of old land $300,000 10 Joan takes their debt 11 Joan gives Cash 12 Joan gives other asset 13 Total basis given $300,000 14 Gain realized (Ln 8 - Ln 13) $200,000 Basis in New Land 15 Basis of Joan's old land $300,000 16 Plus - Boot Joan gave 17 Less - Boot received 18 Add - Gain recognized 19 Less - Loss recognized 20 Basis of new land (Line 3) $300,000 FMV of new land $500,000 Less: deferred gain (200,000) Plus: deferred loss Basis-new land $300,000 Basis in New Land The End...
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