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Question - Tom Gow owned a parcel of investment real estate that had an adjusted basis of $25,000 and a fair market value of $40,000. Gow exchanged his investment real estate for the item of property listed below.
Land to be held for investment (FMV) $35,000
A small sailboat to be held for 3,000 personal use (FMV)
Cash 2,000
What is Tom Gow's recognized gain and basis in his new investment real estate?
the face amount of the bonds. Green had a basis of $120,000 in the land. What are the tax consequences of this land transfer to Green Corporation and to Orange Corporation?
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