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What is jones recognized gain and basis in new investment

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Reference no: EM132722110

Miranda Jones owned a parcel of investment real estate that had an adjusted basis of $25,000 and a fair market value of $40,000. During 2019, Jones exchanged her investment realestate for the items of property listed below.

Land to be held for investment (fair market value)                           $35,000
A small sailboat to be held for personal use (fair market value)             3,000
Cash                                                                                          2,000

Problem 1: What is Jones' recognized gain and basis in her new investment

Reference no: EM132722110

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