I:12-4 Kay owns real property used in her business and exchanges the property for other like-kind real
Question:
I:12-4 Kay owns real property used in her business and exchanges the property for other like-kind real property and marketable securities.
a. Will Kay’s recognized gain ever exceed the realized gain?
b. Will Kay’s recognized gain ever exceed the FMV of the marketable securities?
c. What is the basis of the marketable securities received?
d. When does the holding period of the marketable securities begin?
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