What are the recognized gain or loss

Reference no: EM13133688

Raymond exchanges a rental lake house with an adjusted basis of 200,000 and fair market value of 320,000 for a rental beach house with a fair market value of 290,000 and 30,000 cash what are the recognized gain or loss and the basis of the beach house?
a-o gain and 230,000 basis
b-30,000 gian and 200,000 basis
c-30,0000 gain and 230,000 basis
d-120,000 gain and 320,000 basis

Reference no: EM13133688

Questions Cloud

Find gain in the year the involuntary conversion occurred : on an involuntary conversion in which the taxpayer does not buy replacement property within the replacement period the gain on the involuntary conversion and any tax due must be reported.

Find probability that at most five defective bolts found : Find the probability that at most 5 defective bolts will be found in a box of 200 bolts if it is known that 2 per cent of such bolts are expected to be defective.

Why it is important that any aldehyde used in reaction : Why it is important that any aldehyde used in Witting reaction be free of carboxylic acid impurities?

Fixed costs amount : XYZ Company's sales are $750,000 with operating profits of $130,000. If the contribution margin ratio is 40%, what did the fixed costs amount to?

What are the recognized gain or loss : Raymond exchanges a rental lake house with an adjusted basis of 200,000 and fair market value of 320,000 for a rental beach house with a fair market value of 290,000 and 30,000 cash what are the recognized gain or loss and the basis of the beach h..

When and where the potential unauthorized are occurring : Produce a report of findings with your statement of errrors and potential frauds (and reasons why). List internal controls you may want to add or enforce to reduce the likelihood of future misstatements.

What is unearned revenue and why is it considered liability : What is unearned revenue and why is it considered a liability? When is unearned revenue recognized in the financial statements?

What is happening to students scores over time : What do these different scores tell you about the tests in Weeks 1, 2, 3, and 4? What is happening to the students' scores over time?

How much will kathy blooms increase its van account : Kathy’s Blooms purchased a delivery van for $20,000. The company was given a $2,000 cash discount by the dealer, and paid $1,000 sales tax. Annual insurance on the van is $500. As a result of the purchase, by how much will Kathy’s Blooms increas..

User Account

All Pages