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Exercion 7-6 (Algorithmic) (LO. 2, 5] Logan and Johnathan exchange land, and the exchange qualifies as like kind under $ 1031, Because Logan's land (adjusted basis of $93,000) is worth $111,500 and Johnathan's land has a fair market value of $88, 350, Johnathan also gives Logan cash of $23, 250. a. Logan's recognized gain is $ 10,600 b. Assume that Johnathan's land is worth $100,440 and he gives Logan $11, 160 cash. Logan's recognized gain is ( Previous Feedback MacBook Air F # O C OProblem 7-12 (Algorithmic) (LO. 3) Kevin purchase 1,000 shares of Bluebird Corporation stock on October 3, 2020, for $130,000. On December 12, 2020, Kevin purchases an additional 7:50 shares of Bluebird stock for $91,020. According to market quotations, Bluebird stock is selling for $130 per share on 12/31/20. Kevin sels 500 shares of Bluebird stock on March 1, 2021, for $72,800. B. What is the adjusted basis of kevin's Bluebird stock on December 31, 20207 321,000 b. What Is Kevin's recognized gain or loss from the sale of Bluebird stock on March 1, 2021, assuming the shares sold are from the shares purchased on December 12, 20207 In your computations, round the per share amount to the nearest whole dollar and use the rounded amount In subsequent computations. Kevin's recognized E. What Is Kevin's recognized pain or loss from the sale of Bluebird stock on March 1, 2021, assuming kevin cannot adequately Identify the shares wold ? Kevin has a recogniand gain ( Previous Feedback MacBook Air -F9 CO C OProblem 7-11 (Algorithmkc) (LO. 1, 2, 6) Yancy's personal residence is condemned as part of an urban renewal project. His adjusted basis for the residence is $549,400. He receives condemnation proceeds of $521,930 and Invrats the proceeds In stocks and bonds. If an amount Is zero, enter "0". a. Calculate Yancy's realized and recognized gain or loss. Yancy's realized gain 27,470 , and Yancy's recognized loss b. If the condemnation proceeds are $574,123, what are Yancy's realized and recognized gain or loss? Yancy's realized gain 24,723 , and Yancy's recognized e. Amume the house in rental property. Yancy's adjusted basis is $549,400 and he receives condemnation proceeds of $521,930 and Invests the proceeds in stock. What are Yancy's realized and recognized pain or loss? Yancey's realfiend 27,470 . and Yancy's recognized Previous P Feedback MacBook Air FS O