Question
In 2016, David, a single 18-year old taxpayer, received a salary of $3,600 and interest income of $1,800. He had $600 in itemized deductions. Calculate
In 2016, David, a single 18-year old taxpayer, received a salary of $3,600 and interest income of $1,800. He had $600 in itemized deductions. Calculate Davids taxable income assuming he is (a) self-supporting and (b) a dependent of his parents.
Walter swaps his warehouse for Sallys office building, and the exchange qualifies as a like-kind exchange. Walters adjusted basis for the warehouse is $500,000 and the warehouse is subject to a liability of $150,000. The FMV of Sallys office building is $740,000 and it is subject to a liability of $95,000. Each asset is transferred subject to the liability. What is Walters recognized gain, if any, on the transaction; and what is his basis in the office building?
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