Like-kind exchange boot determine the realized gain or loss

Reference no: EM13575658

Like-Kind Exchange: Boot. Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for the following like-kind exchanges:

Basis of Equipment Exchange	FMV of Boot Received	FMV of Equipment Received
$20,000	$ -0-	$85,000
45,000	14,000	70,000
60,000	25,000	65,000?
70,000	38,000	60,000
90,000

Reference no: EM13575658

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