Company B and Firm W exchanged the following business real estate: FMV Mortgage Equity Required: Blackacre (exchanged by B) $ 400,000 Whiteacre (exchanged by W) $525,000 (100,000) $ 300,000 (225,000) $ 300,000 a. If B's adjusted basis in Blackacre was $240,000, compute B's realized gain, recognized gain, and basis in Whiteacre. b. If W's adjusted basis in Whiteacre was $100,000, compute W's realized gain, recognized gain, and basis in Blackacre. Complete this question by entering your answers Required A Required B If B's adjusted basis in Blackacre was $240,000, compu recognized gain, and basis in Whiteacre. Realized gain Recognized gain Basis Amount

Company B and Firm W exchanged the following business real estate: FMV Mortgage Equity Required: Blackacre (exchanged by B) $ 400,000 Whiteacre (exchanged by W) $525,000 (100,000) $ 300,000 (225,000) $ 300,000 a. If B's adjusted basis in Blackacre was $240,000, compute B's realized gain, recognized gain, and basis in Whiteacre. b. If W's adjusted basis in Whiteacre was $100,000, compute W's realized gain, recognized gain, and basis in Blackacre. Complete this question by entering your answers Required A Required B If B's adjusted basis in Blackacre was $240,000, compu recognized gain, and basis in Whiteacre. Realized gain Recognized gain Basis Amount

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter15: Property Transactions: Nontaxable Exchanges

Section: Chapter Questions

Problem 37P

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