Reference no: EM132873758
Jane Doe and Lisa Marie entered into a qualified exchange of like-kind property. Information about the properties being exchanged is provided below. Answer the following questions on Tab 2 of your Excel Spreadsheet based on the information provided. If the response is zero, enter a 0. Show all calculations.
Parcel 1 property transferred from Jane to Lisa:
Remaining mortgage on Parcel 1 assumed by Lisa: $50,000
Parcel 2 property transferred from Lisa to Jane:
Fair market value of Parcel 2: $250,000
Lisa's adjusted basis in Parcel 2: $170,000
Remaining mortgage on Parcel 2 assumed by Jane: $20,000
Additional cash paid by Lisa to Jane to balance the exchange: $30,000
Problem 1: What is the gain realized by Jane on the exchange?
Problem 2: What is the gain recognized by Jane on the exchange?
Problem 3: What is Jane's basis in the new Parcel 2 received by Lisa?
Problem 4: What is the gain realized by Lisa on the exchange? What is the gain recognized by Lisa on the exchange?
Problem 5: What is Lisa's basis in the new Parcel 1 received from Jane?
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