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X exchanged rental property worth $50,000 with an adjusted basis of $40,000 and no liabilities, for Ys rental property worth $90,000 which had an adjusted
X exchanged rental property worth $50,000 with an adjusted basis of $40,000 and no liabilities, for Ys rental property worth $90,000 which had an adjusted basis of $72,000 and which was subject to a mortgage of $65,000. Y also transferred to X $20,000 worth of stock in which Y had an adjusted basis of $13,000. | |
What is the gain or loss realized for X? | Blank 1 |
What is the gain or loss realized for Y on the stock? | Blank 2 |
What is the gain or loss realized for Y on the like kind exchange property? | Blank 3 |
What amount of gain or loss must X recognize? | Blank 4 |
What amount of gain or loss must Y recognize from the stock? | Blank 5 |
What amount of gain or loss must Y recognize from the like kind exchange? | Blank 6 |
What is Xs basis in the new property? | Blank 7 |
What is Xs basis in the stock? | Blank 8 |
What is Ys basis in the new property? | Blank 9 |
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