Situation Gain/loss realized Gain/loss 123 E 123 Al 1. RGB Partnership bought 300 shares of a listed corporation's stock for $45 a share in Year 1. Three years later, RGB sold the stock for $16,000. 2. On May 10, Year 1, Simon received a gift of income- producing real estate from his grandfather. His grandfather's basis in the property was $120,000 and the FMV at the date of the gift was $108,000. In October Year 1, Simon decided to sell the property for $95,000. 3. Nathan's mother gave him a Civil War figurine appraised at $65,000 on March 14, Year 10. Gift tax of $19,000 was paid on the transfer. His mother purchased the figurine in an auction in Year 2 for $26,000. Nathan sold it for $70,000 cash on September 1, Year 10. 123 123 4. Will is a painter who uses a van in his business. His brother Bill uses a truck in his handyman business. They decided to exchange vehicles. Will's van has an adjusted basis of $6,500 and a FMV of $8,000. The adjusted basis of Bill's truck is $12,000 and the FMV is $14,500. Determine the amount of gain or loss, if any, realized by Bill only. 5. Andie sold a building from her business in Year 1. She received equipment with a FMV of $125,000, $50,000 cash, and relief from the $200,000 remaining on the building's mortgage. The building had an adjusted basis of $300,000. Andie also assumed the remaining $50,000 balance on the note payable related to the equipment she received. 123