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10 pts 6 parts to answer. Parts a through f. Label your answers to each part clearly, Richard had the following transactions pertaining to land

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10 pts 6 parts to answer. Parts a through f. Label your answers to each part clearly, Richard had the following transactions pertaining to land he owns that he rents to a 3rd party: From 1/1 to 6/30, the rental income on Richard's land was $ 40,000. Richard had the tenant pay $ 20,000 to his son Alex, and $ 20,000 to himself On 6/30/20, Richard made gift of this land to his son Alex. Richard purchased this land in 2012 for $ 300,000. The fair market value of this land on 6/30/20 was $ 400,000. From 7/1/ to 12/31, rental income of $ 40,000 was all paid to Alex On 9/1/20, Alex borrowed $ 120,000 from ABC Bank using the land as security on the loan. - Part a (2.5 points). How much rental income will Richard report for tax purposes in 2020? Part b. (.5 points). How much rental income will Alex report in 2020? Part c. (.5 points). How much income will Alex recognize by receiving this land on 6/30/20. Part d. (-5 points). How much income will Alex recognize by borrowing $ 120,000 on 9/1/20? Parte. (2 points). Assume that Alex sells this land on 2/1/21 to Ramon (an unrelated party). As part of the sale Ramon pays Alex $ 300,000 in cash. gives Alex an automobile with a fair market value of $ 60,000. Calculate the gain or loss that Alex will recognize in 2021. Part f. (.5 points). Is this gain or loss short term or long term? 10 pts 6 parts to answer. Parts a through f. Label your answers to each part clearly, Richard had the following transactions pertaining to land he owns that he rents to a 3rd party: From 1/1 to 6/30, the rental income on Richard's land was $ 40,000. Richard had the tenant pay $ 20,000 to his son Alex, and $ 20,000 to himself On 6/30/20, Richard made gift of this land to his son Alex. Richard purchased this land in 2012 for $ 300,000. The fair market value of this land on 6/30/20 was $ 400,000. From 7/1/ to 12/31, rental income of $ 40,000 was all paid to Alex On 9/1/20, Alex borrowed $ 120,000 from ABC Bank using the land as security on the loan. - Part a (2.5 points). How much rental income will Richard report for tax purposes in 2020? Part b. (.5 points). How much rental income will Alex report in 2020? Part c. (.5 points). How much income will Alex recognize by receiving this land on 6/30/20. Part d. (-5 points). How much income will Alex recognize by borrowing $ 120,000 on 9/1/20? Parte. (2 points). Assume that Alex sells this land on 2/1/21 to Ramon (an unrelated party). As part of the sale Ramon pays Alex $ 300,000 in cash. gives Alex an automobile with a fair market value of $ 60,000. Calculate the gain or loss that Alex will recognize in 2021. Part f. (.5 points). Is this gain or loss short term or long term

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