IT HWch12.3 - 29 a 52,000 realized gain 16,000...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
65,000 what I receive 65,000 what I received 100,000 what I received 450,000 10,000 20,000 boot/realized gain 2,000 boot/realized gain 100,000 -50,000 basis -70,000 basis -70,000 basis -400,000 25,000 realized gain 15,000 real gain 32,000 real gain 150,000 10,000 recognized gain 15,000 recognized gain 2,000 recognized gain 100,000 basis of old property fair market value of property received -boot received +any unrecognized loss +gain recognized -any unrecognized gain = new basis ignore this problem 23,000 (35,000) 12,000 loss A 12000 capital loss would be limited to 3,000 70,000 (3,000) 67,000 AGI 9000 LTCL carryover with 26,000 as recognized gain new barge has a basis of 350,000(350,000-26,000+26,000=350,000) B or 444,000 - 94,000 = 350,000 12,000 ord loss new computer has basis of 26,000 70,000 (12,000) 58,000 AGI
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 29 a 52,000 realized gain 16,000 recognized(boot) and new basis is 34,000 b 9,000 realized loss none recognized and new basis is 27,000 c 27,000 realized gain 27,000 recognized and new basis of 61,000 31 444,000 26,000-350,000 120,000 realized gain 26 a no b yes c yes d no e no f yes g no 27 a no b no c no d yes 28 85,000 70,000 65,000 60,000 55,000-20,000 14,000 25,000 38,000 22,000 65,000 84,000 90,000 98,000 77,000-45,000-60,000-70,000-90,000 39,000 30,000 28,000-13,000 30 a 18,000 18,000 3,000 recognized 3,000 21,000 6,000-14,000 basis 27,000 7,000 13,000 realized gain 9,000 recognized 14,000 basis 33 770,000 180,000 boot 950,000-100,000 850,000-600,000 basis 250,000 realized 180,000 boot-100,000 80,000 recognized 600,000 basis...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern