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Firm Q exchanged old property with an $ 9 7 , 5 0 0 tax basis for new property with a $ 8 1 ,
Firm Q exchanged old property with an $ tax basis for new property with a $ FMV Apply the generic rules under each of the following assumptions:
Required:
a 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.
b 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.
c 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 paid $ cash to the other party.
d 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 $ cash to the other party.
e 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 received $ cash from the other party.
f 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 $ cash from the other party.
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