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

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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
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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...
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