Carlton holds undeveloped land for investment. His adjusted basis in the land is $153,300, and the FMV is $255,500 On November 1. 2019, he exchanges this land for land owned by his son, who is 31 years old. The appraised value of his son's land is $247000 with a basis of $230,000 Required: o. Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on Carlton's subsequent sale of the land to a real estate agent on July 19, 2020, for $305,000. b. Calculate Carlton's realized and recognized gain or loss from the exchange with his son if Carlton does not sell the land received from his son, but his son sells the land received from Carlton on July 19, 2020. Calculate Carlton's basis for the land on November 1, 2019, and July 19, 2020. c. What could Carlton do to avoid any recognition of gain associated with the figst exchange prior to his sale of the land? Complete this question by entering your answers in the tabs below. Reqa Regbi Reg b2 Rego Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on Carlton's subsequent sale of the land to a real estate agent on July 19, 2020, for $305,000 Amount Reqb1> No gain/loss Realized gain on exchange Realized loss on exchange Total recognized gain Next > 1 or 6 !!! 1 Carlton holds undeveloped land for investment. His adjusted basis in the land is $152.300, and the MV $256.300 Obert 2019, he exchanges this land for land owned by his son, who is 31 years old. The appealsed value of his son's and is $247 basis of $230,000 15 points Required: o. Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on Carton's beste land to a real estate agent on July 19, 2020, for $305,000 b. Calculate Carlton's realized and recognized gain or loss from the exchange with his son i Carton does not sell the land och from his son, but his son sells the land received from Carlton on July 19,2020 Calculate Con's basis for the land on November 1, 2019, and July 19, 2020 c. What could Carlton do to avoid any recognition of gain associated with the festexchange prior to his sale of the land? ebook Print References Complete this question by entering your answers in the tabs below Rece Reg a Reg 1 Reg 2 Calculate Carlton's realized and recognized gain or loss from the exchange with his son Carton does not sell the land received from his son, but his son sells the land received from Carlton on July 19, 2030 Amount Reg 2 > wujusted basis in the land is $153,300, and the FMV is $255,500. uwned by his son, who is 31 years old. The appraised value of his son's land is $2 Required: a. Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on Carlton's subsequent land to a real estate agent on July 19, 2020, for $305,000. b. Calculate Carlton's realized and recognized gain or loss from the exchange with his son if Carlton does not sell the lanc from his son, but his son sells the land received from Carlton on July 19, 2020. Calculate Carlton's basis for the land on 1, 2019, and July 19, 2020. c. What could Carlton do to avoid any recognition of gain associated with the first exchange prior to his sale of the land? Complete this question by entering your answers in the tabs below. Reg a Req bi Reqb2 Reqc What could Carlton do to avoid any recognition of gain associated with the first exchange prior to his sale of the land? Carlton's decision No gain/loss Realized gain on exchange Realized loss on exchange Total recognized gain Next > 1 or 6 !!! 1 Carlton holds undeveloped land for investment. His adjusted basis in the land is $152.300, and the MV $256.300 Obert 2019, he exchanges this land for land owned by his son, who is 31 years old. The appealsed value of his son's and is $247 basis of $230,000 15 points Required: o. Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on Carton's beste land to a real estate agent on July 19, 2020, for $305,000 b. Calculate Carlton's realized and recognized gain or loss from the exchange with his son i Carton does not sell the land och from his son, but his son sells the land received from Carlton on July 19,2020 Calculate Con's basis for the land on November 1, 2019, and July 19, 2020 c. What could Carlton do to avoid any recognition of gain associated with the festexchange prior to his sale of the land? ebook Print References Complete this question by entering your answers in the tabs below Rece Reg a Reg 1 Reg 2 Calculate Carlton's realized and recognized gain or loss from the exchange with his son Carton does not sell the land received from his son, but his son sells the land received from Carlton on July 19, 2030 Amount Reg 2 > wujusted basis in the land is $153,300, and the FMV is $255,500. uwned by his son, who is 31 years old. The appraised value of his son's land is $2 Required: a. Calculate Carlton's realized and recognized gain or loss from the exchange with his son and on Carlton's subsequent land to a real estate agent on July 19, 2020, for $305,000. b. Calculate Carlton's realized and recognized gain or loss from the exchange with his son if Carlton does not sell the lanc from his son, but his son sells the land received from Carlton on July 19, 2020. Calculate Carlton's basis for the land on 1, 2019, and July 19, 2020. c. What could Carlton do to avoid any recognition of gain associated with the first exchange prior to his sale of the land? Complete this question by entering your answers in the tabs below. Reg a Req bi Reqb2 Reqc What could Carlton do to avoid any recognition of gain associated with the first exchange prior to his sale of the land? Carlton's decision