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What is ralph realized gain or loss

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Question - Ralph Corp. traded Land A for Land B. Ralph originally purchased Land A for $80,000, and Land A's adjusted basis was $30,000 at the time of the exchange.

What is Ralph's A) realized gain or loss, B) recognized gain or loss, and C) adjusted basis in Land B in each of the following alternative scenarios?

a. The fair market value of Land A and of Land B is $90,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange.

b. The fair market value of Land A and of Land B is $70,000. The exchange qualifies as a like-kind exchange

c. The fair market value of Land A is $75,000, and Land B is valued at $50,000. Ralph exchanges Land A and receives $25,000 in cash and Land B. Land A and Land B are like-kind property.

d. The fair market value of Land A is $65,000, and Ralph trades Land A for Land B valued at $40,000 and $25,000 cash. Land A and Land B are like-kind property

Reference no: EM133080191

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