bmgt323 exam 2 ch9 data sheet

bmgt323 exam 2 ch9 data sheet - BMGT 323 Class Notes...

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BMGT 323 Class Notes Chapter 9 – Like-Kind Exchanges Basic Exchange Transaction Assumption: FMV of Consideration Given = FMV of Consideration Received Therefore, FMV of Qualifying Asset Given + FMV boot Given = FMV of Qualifying Asset Received +FMV boot Received Boot => Cash or NonQualifying Asset or Debt Relief FMV of Qualifying Asset Given (Adjusted Basis ) REALIZED Gain or (Loss) If Realized (Loss) => Recognition is Always Deferred If Realized Gain => Recognition is Generally Deferred Exception: Recognize Realized Gain up to FMV of Boot Received Basis in Qualifying Asset Received: FMV of Qualifying Asset Received -Deferred Gain, or +Deferred (Loss) Basis in Qualifying Asset Received Note : Basis in Boot Received is its FMV Treatment of Boot Given: Always Recognize Realized Gain or Realized (Loss) on Boot Given Treatment of Debt Relief: Relief of Debt => Boot Received Assumption of Debt => Boot Given Note : If ‘Both Qualifying Assets ’ are subject to Mortgage Debt
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