Question
Kelly exchanges business land with an adjusted basis of $310000 and a fair market value of $684000 for Emmitts office building, worth $684000. Emmitt had
Kelly exchanges business land with an adjusted basis of $310000 and a fair market value of $684000 for Emmitts office building, worth $684000. Emmitt had an adjusted basis of $270000 in the building. What is Kelly's realized gain or loss in the land?
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
