Evra Credir

James ownis an apartment bufilding with an adfusted basis of $$1\mathrm{.}3$ million on the day that he sells it for $$3$ million as part of a $1031$ exchange. He purchases another apartment building the next woek for $$4$ million. What is the adjusted basis of his replacement property?

Xochitl is a self$-$employed person. She has net self$-$employment income of $$250,000.$ What amount of self$-$employment taxes will she owe on her income?

Richard and Susan live in NY$,$ a common law state. They purchased their home in $1998$ for $$200,000.$ In $2023,$ Richard unexpectedly passed away. At that time the FMV of their home was $$800,000.$ What is Susan's basis for determining the gain on the sale of their home?

In $2023,$ Sally earned $$250,000$ in income and had a tax liability of $$86,000.$ Assuming her income for $2024$ will be $$350,000$ with a tax liability of $$120,000,$ what is the minimum amount of tax that she will need to pay in estimated taxes by April $15,2025$ to not be subject to underpayment penalties?