Viktor exchanges stock (adjusted basis $19,000, FMV $26,800) and real estate (adjusted basis $19,000, FMV $46,000) held forinvestment for other real estate to be held for investment. The real estate acquired in the exchange has a suggested FMV of $70,200.Required:a. What are Viktor's realized and recognized gain or loss?b. What is the basis of the acquired real estate?aab.Realized gainNo gain or lossRealized gainRealized lossRecognized gainAmount< Prev1 of 4‒‒‒Next >

Realized gain:Realized gain refers to the profit made from the sale of an asset once the transaction…

Answered: Viktor exchanges stock (adjusted basis…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter7: Property Transactions: Basis, Gain And Loss, And Nontaxable Exchanges

Section: Chapter Questions

Problem 32P

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Company B and Firm W exchanged the following business real estate: FMV Mortgage Equity Required: Blackacre (exchanged by B) $ 400,000 (100,000) Whiteacre (exchanged by W) $525,000 (225,000) $ 300,000 $ 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
A transfers land to Newco in exchange for 100% of Newco's stock. The land has a basis of $50, FMV of $100 and is subject to a mortgage of S40. A) What are the consequences to each of the parties?
In a like-kind exchange, Joe exchanged business-use real property (FMV $200,000, basis $150,000) for a smaller piece of business-use real property (FMV $140,000) plus shares of stock (FMV $60,000). What is Joe's basis in the replacement real property?
Firm PO and Corporation QR exchanged the following business real estate: Marvin Gardens (exchanged by PO) $ 1,040,000 (715,000) 325,000 $ FMV Mortgage Equity $ Required A Required B Required: a. If PO's adjusted basis in Marvin Gardens was $403,000, compute PO's realized gain, recognized gain, and basis in Boardwalk. b. If QR's adjusted basis in Boardwalk was $78,000, compute QR's realized gain, recognized gain, and basis in Marvin Gardens. Boardwalk (exchanged Complete this question by entering your answers in the tabs below. Realized gain Recognized gain Basis $ by QR) 325,000 -0- 325,000 If PO's adjusted basis in Marvin Gardens was $403,000, compute PO's realized gain, recognized gain, and basis in Boardwalk. Amount
When a property dividend is declared and the book value of the property exceeds its market value, the dividend is recorded at the O Book value of the property at the date of distribution if it still exceeds the market value of the property at the date of declaration. O Market value of the property at the date distribution. O Book value of the property at the date of declaration. O Market value of the property at the date of declaration.
Required: What is the selling price of the noncash assets? * How much did Blue receive from the liquidation? *
P1 is a one-third owner in ABC LLC. P1 sold his interest in ABC to B1 for $95,000 in cash (plus assumption of liabilities of ABC). Assume P1's inside and outside basis in ABC are equal. ABC's balance sheet at the dale of sale follows. Determine the amount and character of the gain or loss P1 will realize at the sale. ASSETS: Cash Receivables Inventory Land LIABILITIES AND CAPITAL: Liabilities Capital-P1 Capital-P2 Capital-P3 Tax Basis 60,000 60,000 120,000 120,000 70,000 130,000 50,000 55,000 300,000 365,000 30,000 90,000 90,000 90,000 FMV 300,000

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Viktor exchanges stock (adjusted basis $19,000, FMV $26,800) and real estate (adjusted basis $19,000, FMV $46,000) held for investment for other real estate to be held for investment. The real estate acquired in the exchange has a suggested FMV of $70,2