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please help me please ans both questions Exercise 7-7 (Algorithmic) (LO. 2, 6) Camilo's property, with an adjusted basis of $188,800, is condemned by the
please help me please ans both questions
Exercise 7-7 (Algorithmic) (LO. 2, 6) Camilo's property, with an adjusted basis of $188,800, is condemned by the state. Camilo receives property with a fair market value of $217,120 as compensation for the property taken. If an amount is zero, enter "O". a. What is Camilo's realized and recognized gain? Camilo's realized gain is $ and his recognized gain is $ b. What is the basis of the replacement property? The basis of the replacement property is $ OLIDOR Exercise 7-3 (Algorithmic) (LO. 3) Sebastian purchases two pieces of equipment for $107,000. Appraisals of the equipment indicate that the fair market value of the first plece of equipment is $74,900 and that of the second piece of equipment is $117,700. What is Sebastian's basis in these two assets? If required, round your interim calculations to two decimal places. Use rounded amounts in subsequent computations. If required, round final answers to the nearest dollar. Sebastian's basis for the first piece of equipment is $ 41,612 X and 65,388 X for the second piece of equipment. Feedback Check My Work When a taxpayer acquires multiple assets in a lump-sum purchase, the total cost must be allocated among the individual assets Step by Step Solution
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