Question
Kevin exchanges an office building used in his business for another office building worth $200,000 plus $30,000 cash. The FMV of Kevin's old building is
Kevin exchanges an office building used in his business for another office building worth $200,000 plus $30,000 cash. The FMV of Kevin's old building is $280,000 (basis $150,000) and it is subject to a mortgage of $50,000. The mortgage is assumed by the other party.
| a. What is the amount of gain realized by Kevin? | |||
| b. What is the amount of gain recognized by Kevin? | |||
| c. What is the basis of the new building to Kevin? |
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The Internal Audit As Change Agent The Activation And Successful Implementation Of Organizational Change
Authors: Peter Kundinger
3rd Edition
3751984070, 978-3751984072
