Question
XYZ Corp has the following data regarding an exchange of land (assume the exchange lacks commercial substance) Old land FMV 100,000 Old land cost 50,000
XYZ Corp has the following data regarding an exchange of land (assume the exchange lacks commercial substance)
Old land FMV 100,000
Old land cost 50,000
New land FMV 75,000
Cash received 25,000
1) How much gain will XYZ Corp recognize on the exchange?
2) How much gain will XYZ Corp defer on the exchange?
3) What's XYZ Corp's cost basis of the new land?
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A Guide To Effective Internal Management System Audits Implementing Internal Audits As A Risk Management Tool
Authors: IT Governance Publishing
1st Edition
1849285594, 978-1849285599
