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Reese and Jake engage in a like-kind exchange. Reese transfers real estate with a fair market value of $500,000 and an adjusted basis of $200,000 to Jake. Jake transfers real estate worth $700,000 and an adjusted basis of $250,000, plus a $200,000 mortgage on the property, to Reese. What is Jake's potential or deferred gain before and after the transaction? $450,000 potential gain before the transaction; $50,000 potential gain after the transaction. $250,000 potential gain before the transaction; $50,000 potential gain after the transaction. $450,000 potential gain before the transaction; $250,000 potential gain after the transaction. $250,000 potential gain before the transaction; $200,000 potential gain after the transaction. Income Tax

What is the gain or loss on the sale?

Will recognize on the sale ?

MN.29.

What is the gain or loss she will recognize on the sale

Angela exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the mountains with a fair market value of $148,000 and cash of $12,000.  What is Angela’s recognized gain or loss? Group of answer choices $148,000 ($20,000) $12,000 $0

Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios?   c. Rafael received $20,000 cash, a parcel of land worth $50,000, and marketable securities of $10,000. Rafael also paid a commission of $8,000 on the transaction.

Melba purchases land from Adrian. Melba gives Adrian $355,800 in cash and agrees to pay Adrian an additional $533,700 one year later plus interest at 7.5%. a. What is Melba's adjusted basis for the land at the acquisition date? $ 899,500 x Feedback vCheck My Work Realized gain or loss is the difference between the amount realized from the sale or othe disposition of property and the property's adjusted basis on the date of disposition. Ther it is important to determine the correct adjusted basis for the property. b. What is Melba's adjusted basis for the land one year later? 899,500 x Feedback Check My Work Incorrect Feedback Check My Work Incorrect

Maud exchanges a rental house at the beach with an adjusted basis of $225,000 and a fair market value of $200,000 for a rental house at the mountains with a fair market value of $180,000 and cash of $20,000. What is the recognized gain or loss?     a. ($20,000)   b. ($25,000)   c. None of these   d. $20,000   e. $0