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What is metro realized gain or loss

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Metro Corp. traded Land A for Land B. Metro originally purchased Land A for $50,000, and Land A's adjusted basis was $25,000 at the time of the exchange.

Problem 1: What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Land B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.)

a. The fair market value of Land A and of Land B is $40,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange.

Reference no: EM132668811

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