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Calculate Carey basis in the property received

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Reference no: EM132676284

Problem - Carey exchanges land for other land in a qualifying like-kind exchange. Carey's basis in the land given up is $115,000, and the property has a fair market value of $150,000. In exchange for her property, Carey receives land with a fair market value of $100,000 and cash of $10,000. In addition, the other party to the exchange assumes a mortgage loan on Carey's property of $40,000.

Required -

a. Calculate Carey's recognized gain, if any, on the exchange.

b. Calculate Carey's basis in the property received.

Reference no: EM132676284

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