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Karen exchanged a rental building, whuch has an adjusted basis if $520,000, for investment land which has a fair market value of $500,000. In addition,
Karen exchanged a rental building, whuch has an adjusted basis if $520,000, for investment land which has a fair market value of $500,000. In addition, Pam received $100,000 in cash. What is the recognized gain or loss and the badis of the investment land? a. $0 and $420,000 b. $80,000 and $500,000 c. $100,000 and $520,000 d. $280,000 and $700,000 e. none of the above QUESTIONS Kurm exchanges a rental building, which has an adjusted basis of $520,000, for investment and which has a fule market value of $900,000. In addition, Vam receives $100,000 in cash. What is the recognized pain or loss and the basis of the investment land? as and 5420,000 Oh. $80,000 and $500,000 $100,000 and $520,000 O d. $280,000 and $700,000 e. None of the above
a. $0 and $420,000
b. $80,000 and $500,000
c. $100,000 and $520,000
d. $280,000 and $700,000
e. none of the above
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Auditing & Assurance Services A Systematic Approach
Authors: William F Messier Jr, Steven M Glover, Douglas F Prawitt
11th Edition
1260687635, 1259969444, 9781259969447, 978-1260687637
