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just need basis for part A FMV Mortgage Equity Undeveloped land (exchanged by Alice) $ 975,000 0 $ 975,000 building (exchanged by Brendan) $ 1,570,000
just need basis for part A
FMV Mortgage Equity Undeveloped land (exchanged by Alice) $ 975,000 0 $ 975,000 building (exchanged by Brendan) $ 1,570,000 (595,000 $ 975,000 Required: a. If Alice's adjusted basis in the undeveloped land was $360,000, compute Alice's realized gain, recognized gain, and basis in the commercial building received in the exchange. b. If Brendan's adjusted basis in the commercial building was $790,000, compute Brendan's realized gain, recognized gain, and basis in the undeveloped and received in the exchange. Complete this question by entering your answers in the tabs below. Required A Required B #Alice's adjusted basis in the undeveloped and was $360,000, compute Alice's realized gain, recognized gain, and basis in the commercial building received in the exchange Realized gain Recognized gain Basis Amount $ 615,000 $ 0 $ 20.000 Required Required B > Step by Step Solution
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