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Question - Andrew entered into a sale agreement with Joe, who agreed to give up his property, which is worth $1.8M on the day of the agreement was signed. Joe purchased his property 5 years ago for $500,000, and he has been using it as his primary resident since he purchased the house. Joe is currently using his property as collateral for a mortgage of $700,000. On the other hand, Andrew is going to transfer his rental property to Joe. Andrew purchased his property 3 years ago for $600,000. The current market price is $1.4M dollars. Andrew agreed to give Joe additional $200,000 cash, but he also notified Joe that he had a mortgage on the property for $500,000.
Under section 1031
What is the basis of Andrew and Joe in replacement property?
What are tax consequences for Andrew and Joe (if applicable)? Assuming capital gain rate is 20%.
Federal Tax Question Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from Counti Bank and paid interest of $1,440. Lionel used the loan proceeds to pay his l..
On December 4, 2010, Dan Johnson, delivery truck driver for Farmers Products, Inc., ran a stop sign and collided with another vehicle.
Other information includes: Equipment with a book value of $125,000 was sold for $175,000 (original cost was $225,000).
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Jonas is a 60% owner of Ard, an S corporation. At the beginning of the year, his stock basis is zero. Jonas's basis in a $20,000 loan made to Ard.
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