Kareem bought a rental house in March 2016 for $300,000, of which $50,000 is allocated to the land and $250,000 to the building. Early in 2018, he had a tennis court built in the backyard at a cost of $7,500. Kareem has deducted $30,900 for depreciation on the house and $1,300 for depreciation on the court. In January 2021, he sells the house and tennis court for $330,000 cash. a. What is the adjusted basis of the rental house and land at the time of the sale? $ What is the adjusted basis of the tennis court at the time of the sale? $ What is Kareem's realized gain or loss? Kareem's realized on the sale is $ b. If an original mortgage of $80,000 is still outstanding and the buyer assumes the mortgage in addition to the cash payment, what is Kareem's realized gain or loss? Kareem's realized is $ c. If the buyer takes the property subject to the $80,000 mortgage rather than assuming it, what is Kareem's realized gain or loss? Kareem's realized is $1 Thania inherited 1,000 shares of Aqua, Inc. stock from Joe, Joe's basis in the stock was $35,000, and the fair market value of the stock on July 1, 2021 (the date of Joe's death), was $45,000. The shares were distributed to Thania on July 15, 2021. Thania sold the stock on July 29, 2022, for $33,000. After giving the matter more thought, she decides that Aqua is a good investment and purchases 1,000 shares for $30,000 on August 19, 2022. a. Thania's basis for the 1,000 shares of stock purchased on August 19, 2022, is $ b. Could Thania have obtained different tax consequences in part (a) if she had sold the 1,000 shares on December 27, 2021, and purchased the 1,000 shares on January 5, 2022? What is the basis of the received property in each of the following exchanges? New Property Basis a. Apartment building held for investment (adjusted basis of $145,000) for office building to be held for investment (fair market value of $225,000). b. Land and building used as a barbershop (adjusted basis of $190,000) for land and building used as a grocery store (fair market value of $350,000). C. Office building (adjusted basis of $45,000) for bulldozer (fair market value of $42,000), both held for business use. d. IBM common stock (adjusted basis of $20,000) for ExxonMobil common stock (fair market value of $28,000). UNUDE e. Rental house (adjusted basis of $90,000) for mountain cabin to be held for rental use (fair market value of $225,000). f. General partnership interest (adjusted basis of $400,000) for a limited partnership interest (fair market value of $580,000)