Whats is the belita adjusted basis in land

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Reference no: EM13143217

Sanchez co. sold land ot Benita Sanchzes for $100,000 who owns 60% of the outstanding stock of Sanchez. The company;s adjusted basis in the land was $120,000.

a. Compute the company's realized and recognized gain or loss.

b. Whats is the Belita's adjusted basis in the land?

c. If Belita sold the land for $90,000 after 2 years, what woudl be her realized and recognized gain or loss?

d. If Belita sold the land for $105,000 after 2 years, what woudl be her realized and recognized gain or loss?

e. if Belita sold the land for $145,000 2 years after she purchased it, compute realized and recognized gain or loss.

Reference no: EM13143217

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