LO.2 Felicia exchanges undeveloped real estate for developed real estate on August 3, 2012. The fair market
Question:
LO.2 Felicia exchanges undeveloped real estate for developed real estate on August 3, 2012. The fair market value of each property is $295,000. Felicia purchased the undeveloped real estate on February 25, 2008, for $325,000.
a. When does Felicia’s holding period begin for the developed real estate?
b. Assume instead that Felicia’s cost for the undeveloped real estate was $250,000.
When does her holding period begin for the developed real estate?
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Related Book For 
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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