Question
Brad Johnson owned a parcel of investment real estate that had an adjusted basis of $25,000 and a fair market value of $40,000. During 2013,
Brad Johnson owned a parcel of investment real estate that had an adjusted basis of $25,000 and a fair market value of $40,000. During 2013, Johnson exchanged his investment real estate for the items of property listed below.
Land to be held for investment (fair market value) $35,000
A small sailboat to be held for personal use (fair market value) 3,000
Cash 2,000
What is Johnson's recognized gain and basis in his new investment real estate?
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IT Security Risk Control Management An Audit Preparation Plan
Authors: Raymond Pompon
1st Edition
1484221397, 978-1484221396
