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How much is zak and vira realizedand recognized gains

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Reference no: EM132824630

Zak and Vira exchange qualifying like-kind real property

-Z to V:

Basis = $25,000;

FMV $40,000-V to Z: Basis = $20,000;

FMV $30,000- Vira also transfers securities to Zak: Basis = $7,000;

FMV = $10,000

Problem 1: How much is Zak and Vira's realizedand recognized gains? What is their basis in their new assets?

Reference no: EM132824630

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