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please complete both for upvote QUESTION 10 Metro Corp. traded land A for land B. Metro originally purchased land A for $50,000 and land A's
please complete both for upvote
QUESTION 10 Metro Corp. traded land A for land B. Metro originally purchased land A for $50,000 and land A's adjusted basis was $25,000 at the time of the exchange. The fair market value of land A is $43,000 and Metro trades land A for land B valued at $40,000 and $3,000 cash. Land A and land B are like-kind property. The exchange qualifies as a like-kind exchange. What is Metro's recognized gain or loss? QUESTION 11 Baker Corporation owned a building located in Kansas. Baker used the building for its business operations. Last year a tornado hit the property and completely destroyed it. This year, Baker received an insurance settlement. Baker had originally purchased the building for $350,000 and had claimed a total of $100,000 of depreciation deductions against the property. Baker received $450,000 in insurance proceeds and spent $380,000 rebuilding the building during the current year. What is Baker's deferred gain or loss) on this transactionStep by Step Solution
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