00 Required information Problem 11-60 (LO 11-6) (Static) (The following information applies to the questions displayed below.) Part 1 of 4 Metro Corp. traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. 6/10 points awarded What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Building B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.) Scored Problem 11-60 Part-a (Static) a. The fair market value of Building A and of Building B is $40,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange. Realized gain Recognized gain Adjusted basis in Land B 40,000 X 15,000 $ $ 0 ! 9 Required information Part 2 of 4 Problem 11-60 (LO 11-6) (Static) [The following information applies to the questions displayed below.) Metro Corp. traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. 10/10 points awarded What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Building B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.) Scored Problem 11-60 Part-b (Static) b. The fair market value of Building A and of Building B is $40,000. The exchange qualifies as a like-kind exchange. Amount (1 (1) $ 40,000 (2) $ 0 $ (3) (4) (5) ( Description Amount realized from Building B Amount realized from boot (cash) Total amount realized Adjusted basis Gain realized Gain recognized Deferred gain Adjusted basis in Building B $ 40,000 25,000 15,000 0 $ $ (6) $ (7) $ 15,000 $ 25,000 10 Required information Problem 11-60 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Metro Corp. traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. Part 3 of 4 8.9/10 points awarded What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Building B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.) Scored Problem 11-60 Part-c (Static) c. The fair market value of Building A is $35,000, and Building B is valued at $40,000. Metro exchanges Building A and $5,000 cash for Building B. Building A and Building B are like-kind property. Amount (1) $ 40,000 (2) $ 0 (3) $ 40,000 Description Amount realized from Building B Amount realized from boot (cash) Total amount realized Adjusted basis Gain realized Gain recognized Deferred gain Adjusted basis in Building B $ 30,000 10,000 (4) (5) (6) (7) $ 0 $ 10,000 25,000 X $
