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What is sammy basis for the assets he received

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Reference no: EM132784683

Sammy exchanges land used in his business in a like-kind exchange. The property exchanged is as follows:

Property Surrendered                     Property Received

Adj. Basis       FMV                               Adj. Basis      FMV

Land $44,000  $60,000                      $50,000  $43,000

Cash    $ 5,000                                      $ 5,000

Liability on land $12,000                             $12,000

The other party assumes the liability.

Problem a. What is Sammy's recognized gain or loss? Explain your answer.

Problem b. What is Sammy's basis for the assets he received?

Reference no: EM132784683

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