Question 24 3 pts Qu Qu Que Que Lorch Company exchanged an old asset with a $133,450 tax basis, a $142,250 FMV for a new asset with a $155,000 FMV, which had a mortgage of $12.750. If the old asset and the new asset are like kind properties, compute Lorch's realized and recognized gain and Lorch's tax basis in the new asset. Time Runnid 59 Minutes, Realized gain $8,800; recognized gain so, tax basis 146,200, Realized gain 821,550, recognized gain $12,750 tax basis 193,450 Realized gain $8,800, recognized gain $3,800, tax basis $155.000, Realized gain $21,550, recognized gain So, tax basis $120,700 Previous Next