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Wayne Wyatt exchanges land with an adjusted basis of $300,000. and a FMV of $600,000. for Fred Forbes office building, worth $500,000. and $100,000 cash.
- Wayne Wyatt exchanges land with an adjusted basis of $300,000. and a FMV of $600,000. for Fred Forbes office building, worth $500,000. and $100,000 cash. Fred had an adjusted basis of $350,000. in the building.
- ) What is Wayne's realized and recognized gain or loss and the basis in the office building?
- ) What is Fred's realized and recognized gain or loss and the basis in the land?
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