Solution-What is the basis of the new property

What is the basis of the new property

Reference no: EM133145100

Question - What is the basis of the new property in each of the following situations? What is the recognized gain or loss?

a. Rental house with an adjusted basis of $104,000 exchanged for a personal-use river cottage with an FMV of $133,000.

b. General Motors common stock with an adjusted basis of $22,500 exchanged for Quaker Oats common stock with an FMV of $17,250.

c. Land and building with an adjusted basis of $22,800 used as a furniture repair shop exchanged for land and a building with an eBook FMV of $50,200 used as a car dealership.

d. An office building with an adjusted basis of $22,400 exchanged for a heavy-duty truck with an FMV of $27,500. Both properties Print are held for 100% business purposes.

e. A residential rental property held for investment with an adjusted basis of $247,300 exchanged for a warehouse to be held for investment with an FMV of $202,100.

Reference no: EM133145100

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What is the basis of the new property

Reference no: EM133145100

Reference no: EM133145100

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