Question
ITS 2 QUESTIONS, PLEASE ANSWER BOTH, IF YOU CAN NOT ANSWER BOTH PLEASE DONT REPLY. 37. Susan Sundry exchanges her small office building (adjusted basis
ITS 2 QUESTIONS, PLEASE ANSWER BOTH, IF YOU CAN NOT ANSWER BOTH PLEASE DONT REPLY.
37. Susan Sundry exchanges her small office building (adjusted basis of $127,000 and fair market value of $154,000) for Tina Thompson's warehouse (adjusted basis of $112,000 and fair market value of $123,000). Tina assumes Susan's mortgage of $31,000. What is Susan's recognized gain on the exchange and her basis in the warehouse?
38. Allen Aubrey exchanges his factory (adjusted basis of $339,000 and fair market value of $525,000) for an apartment building with fair market value of $360,000. He also receives $165,000 in cash. What is his relaized and recognized gain or loss? Determine the basis of his partner bulding using two different methods?
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The Board Of Directors And Audit Committee Guide To Fiduciary Responsibilities Ten Critical Steps To Protecting Yourself And Your Organization
Authors: Sheila Moran CPA CFE, Ronald Kral CPA CMA
1st Edition
0814431666, 978-0814431665
