LO.1, 2 Melanie owns a personal-use boat that has a fair market value of $32,500 and an
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LO.1, 2 Melanie owns a personal-use boat that has a fair market value of $32,500 and an adjusted basis of $45,000. Melanie’s AGI is $90,000. Calculate the realized and recognized loss if:
a. Melanie sells the boat for $32,500.
b. Melanie exchanges the boat for another boat worth $32,500.
c. The boat is stolen and Melanie receives insurance proceeds of $32,500.
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South Western Federal Taxation 2011 Taxation Of Business Entities
ISBN: 9780538498616
14th Edition
Authors: James E. Smith, William A. Raabe, David M. Maloney
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