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Lecker quickly exchanged real property that was used exclusively for business and had an adjusted tax basis of $20,000 for new real property. The new
- Lecker quickly exchanged real property that was used exclusively for business and had an adjusted tax basis of $20,000 for new real property. The new real property had a fair market value of $10,000, and Lecker also received $3,000 in cash.
- Based on the facts above, give me the standard Realized / Recognized / Basis amounts.
- Is this exchange unfavorable to lecker? Could lecker make this exchange more favorable to himself if he wanted to get/give the exact same property? What could he do?
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South Western Federal Taxation 2014 Comprehensive Volume
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
37th Edition
1285180925, 978-1285180922
