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What is the effect of this exchange on Robyn Gross Income

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Q1. Robyn purchased Red Acre, a 2 acre property in Reunion Colorado, for $200,000 in 2015. Robyn purchased Red Acre as an investment property. In 2019, Robyn trades Red Acre for Blue Acre, a 3 acre property with a fair market value of $215,000 with a $15,000 mortgage. What is the effect of this exchange on Robyn's Gross Income in 2019?

a. No effect.

b. $5,000 gain.

c. $15,000 gain.

d. $205,000 gain.

Q2. Brian purchased 10 bitcoins in 2017 for $220,000. In 2019, the 10 bitcoins are worth $250,000. Brian uses the 10 bitcoins to purchases a home with a fair market value of $250,000 in 2019. What is the effect of this transaction on Brian's Gross Income?

a. No effect because Brian exchanged the property with currency and not property.

b. No effect because gains from exchanges of property are not taxable under the Internal Revenue Code.

c. No effect because the transaction does not result in a gain for Brian.

d. Brian has taxable gain of $30,000.

Reference no: EM132606757

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