26. LO.5 Suni owns land (adjusted basis of $90,000; fair market value of $125,000) that she uses...
Question:
26. LO.5 Suni owns land (adjusted basis of $90,000; fair market value of $125,000) that she uses in her business. She exchanges it for another parcel of land (worth
$100,000) and stock (worth $25,000). Determine Suni’s:
a. Realized and recognized gain or loss on the exchange.
b. Basis in the new land.
c. Basis in the stock Maple received.
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Related Book For 
Essentials Of Taxation Individuals And Business Entities
ISBN: 233160
1st Edition
Authors: Nellen/Young/Raabe/Maloney
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