Question
Brett sold land he had held for 8 years valued at $210,000 in Year 1. His original basis in the land was $180,000. For the
Brett sold land he had held for 8 years valued at $210,000 in Year 1. His original basis in the land was $180,000. For the land, Brett received $60,000 in cash in the current year and a note providing $150,000 in the following year.
Year | Realized Gain/Loss | Recognized Gain/Loss | Basis in New Asset |
Year 1 | |||
Year 2 |
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Federal Taxation 2019 Individuals
Authors: Timothy J. Rupert, Kenneth E. Anderson
32nd Edition
134739671, 134740386, 9780134740386, 978-0134739670
