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Shoe Corporation and Sock, Inc. exchanged two pieces of property in a qualifying like-kind exchange. Original purchase Adjusted basis on exchange date FMV on exchange
Shoe Corporation and Sock, Inc. exchanged two pieces of property in a qualifying like-kind exchange. Original purchase Adjusted basis on exchange date FMV on exchange date Cash Boot Stuff That Stuff That Shoe Exchanged Sock Exchanged 4/1/03 11/15/02 S -10.000 S805.000 S 650.000 ST65.000 S 135.000 S-0- (a) Calculate Shoe Corporation's i) realized and ii) recognized gain or loss on this transaction and ill) basis in the new property (b) Calculate Sock, Inc.'s i) realized and ii) recognized gain or loss on this transaction and iii) basis in the new property
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