Firm Q exchanged old property with an $80,000 tax basis for new property with a $65,000 FMV. Apply the generic rules under each of the following assumptions:

Required:

1. Compute Qs realized loss, recognized loss, and tax basis in the new property assuming old property and new property are not qualified property for nontaxable exchange purposes.
2. Compute Qs realized loss, recognized loss, and tax basis in the new property assuming old property and new property are qualified property for nontaxable exchange purposes.
3. Compute Qs realized loss, recognized loss, and tax basis in the new property assuming old property and new property are not qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q paid $2,000 cash to the other party.
4. Compute Qs realized loss, recognized loss, and tax basis in the new property assuming old property and new property are qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q paid $2,000 cash to the other party.
5. Compute Qs realized loss, recognized loss, and tax basis in the new property assuming old property and new property are not qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q received $8,000 cash from the other party.
6. Compute Qs realized loss, recognized loss, and tax basis in the new property assuming old property and new property are qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q received $8,000 cash from the other party.

qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q paid $2,000 cash to the other party. d. Compute Q's realized loss, recognized loss, and tax basis in the new property assuming old property and new property are qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q paid $2,000 cash to the other party. e. Compute Q's realized loss, recognized loss, and tax basis in the new property assuming old property and new property are not qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q received $8,000 cash from the other party. f. Compute Q 's realized loss, recognized loss, and tax basis in the new property assuming old property and new property are qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q received $8,000 cash from the other party. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute Q's realized loss, recognized loss, and tax basis in the new property assuming old property and new property are not qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q received $8,000 cash from the other party. qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q received $8,000 c other party. ( Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute Q's realized loss, recognized loss, and tax basis in the new property assuming old property and new property are qualified property for nontaxable exchange purposes. To equalize the values exchanged, Firm Q recelved $8,000 cash from the other party