This year, Neil Incorporated exchanged a business asset for an investment asset Both assets had a $ 9 5 2 , 0 0 0 appraised FMV Neil s book basis in the business asset was $ 6 4 2 , 5 0 0 , and its tax basis was $ 6 2 4 , 0 0 0 Required

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This year, Neil Incorporated exchanged a business asset for an investment asset. Both assets had a $ 9 5 2 , 0 0 0 appraised

This year, Neil Incorporated exchanged a business asset for an

investment asset. Both assets had a $

952, 000

appraised FMV

.

Neil

book basis in the business asset was $

642, 500,

and its tax basis

was $

624, 000 .

Required:

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