Problem 11-60 (LO 11-6) (Static)

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[The following information applies to the questions displayed below.] Metro Corp. traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building As adjusted basis was $25,000 at the time of the exchange.

What is Metros realized gain or loss, recognized gain or loss, and adjusted basis in Building B in each of the following alternative scenarios? (Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable.)

rev: 10_20_2020_QC_CS-236536

Problem 11-60 Part-d (Static)

d. The fair market value of Building A is $45,000, and Metro trades Building A for Building B valued at $40,000 and $5,000 cash. Building A and Building B are like-kind property.

(1)Amount realized from Building B

(2)Amount realized from boot (cash)

(3)Total amount realized$0

(4)Adjusted basis

(5)Gain realized

(6)Gain recognized

(7)Deferred gain

Adjusted basis in Building B