Joshua owns undeveloped land that has an adjusted basis of $45,000. He exchanges it for other undeveloped

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Joshua owns undeveloped land that has an adjusted basis of $45,000. He exchanges it for other undeveloped land with a FMV of $70,000.
a. What is his realized and recognized gain or loss on the exchange?
b. What is his basis in the acquired land?

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Fundamentals Of Taxation 2015

ISBN: 9781259293092

8th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

Question Posted: Feb 04, 2016 06:05 AM

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Joshua owns undeveloped land that has an adjusted basis of $45,000. He exchanges it for other undeveloped

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a 70000 FMV of new 45000 Adj Basis of old 25000 realized gain 0 recognized on a l...View the full answer

Fundamentals Of Taxation 2015

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