Realized Gain or Loss (LO. 3) Determine the amount realized in each of the following property dispositions: 4,000 x a. Umberto wants to buy Kevin's truck. Because Umberto has no cash and cannot obtain a loan to finance the purchase, Kevin agrees to let Umberto pay him $360 a month for 6 months. In addition, Umberto agrees to put a new roof on Kevin's house as part of the truck purchase. Umberto estimates that his cost of reroofing the house will be $720, although he would have charged Kevin $2,220 if Kevin were a paying customer. 2,000 X b. During the current year, a tornado totally destroys a warehouse that Ajax, Inc., uses in its manufacturing operation. The warehouse has a fair market value of $201,000. Ajax's insurance company pays $164,000 on the destruction of the warehouse. The president of Ajax is upset that the insurance company will not pay full fair market value, because Ajax had paid annual insurance premiums of $10,800 for the last 10 years on the warehouse. $ 52,000 x c. Paloma Pitchfork Company sells an apartment complex it owns to Greedy Investors, Inc. The terms of the sale call for Greedy to pay $46,400 cash, assume Paloma's $529,800 mortgage debt on the property, and give Paloma 9,000 shares of Horticulture, Inc., common stock. Greedy had paid $18 per share for the Horticulture stock, which is currently trading for $6 per share. 24,000 X d. Melinda and Nancy agree to exchange apartment buildings and the related mortgage debt Melinda: $ on each building. Melinda's apartment building is worth $260,500 and is encumbered by a mortgage of $107,000. Nancy's building is worth $308,400 and has a $187,700 mortgage. Nancy: $ In addition to exchanging the properties and the underlying debt, Nancy pays Melinda $32,800 cash to complete the exchange. 23,000 X