Required information Problem 11-60 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Metro Corporation traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. What is Metro's 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.) Problem 11-60 Part-a (Static) a. The fair market value of Building A and of Building B is $40,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange. Description Amount Realized gain $ 15,000 Recognized gain $ Adjusted basis in Land B $ 25,000 Required information Problem 11-60 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Metro Corporation traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. What is Metro's 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.) Problem 11-60 Part-b (Static) b. The fair market value of Building A and of Building B is $40,000. The exchange qualifies as a like-kind exchange. Description (1) Amount realized from Building B Amount $ 40,000 (2) Amount realized from boot (cash) $ 0 (3) Total amount realized $ 40,000 (4) Adjusted basis $ (30,000) (5) Gain realized $ 10,000 (6) Gain recognized $ 0 (7) Deferred gain $ 10,000 Adjusted basis in Building B $ 30,000 Required information Problem 11-60 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Metro Corporation traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. What is Metro's 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.) Problem 11-60 Part-c (Static) The fair market value of Building A is $35,000, and Building B is valued at $40,000. Metro exchanges Building A and $5,000 cash For Building B. Building A and Building B are like-kind property. Description Amount (1) Amount realized from Building B $ 40,000 (2) Amount realized from boot (cash) $ 5,000 (3) Total amount realized $ 45,000 (4) Adjusted basis (5) Gain realized $ (25,000) $ 20,000 (6) Gain recognized $ 5,000 (7) Deferred gain $ 15,000 Adjusted basis in Building B $ 25,000 Required information Problem 11-60 (LO 11-6) (Static) [The following information applies to the questions displayed below.] Metro Corporation traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. What is Metro's 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.) 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. Description Amount (1) Amount realized from Building B $ 40,000 (2) Amount realized from boot (cash) $ 5,000 (3) Total amount realized $ 45,000 (4) Adjusted basis $ (25,000) (5) Gain realized $ 20,000 (6) Gain recognized $ 5,000 (7) Deferred gain $ 15,000 Adjusted basis in Building B $ 25,000