Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
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Question
Chapter 9, Problem 15AP
a.
To determine
Calculate Firm PO’s realized gain, recognized gain, and basis in boardwalk.
b.
To determine
Calculate Firm PO’s realized gain, recognized gain, and basis in boardwalk.
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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
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 $70,200.
Required:
a. What are Viktor's realized and recognized gain or loss?
b. What is the basis of the acquired real estate?
a
a
b.
Realized gain
No gain or loss
Realized gain
Realized loss
Recognized gain
Amount
A is the owner of an existing single proprietorship with net assets of 50,000. they agreed torecord the assets and liabilities of A’s business at book value. The book value of A’s businessliability is 60,000. B and C will contribute equally in cash 60% of the total capitalization based onthe capital contribution of A. the capital contribution of B should be
A. 37,500B. 75,000C. 82,500D. 165,000
Chapter 9 Solutions
Principles Of Taxation For Business And Investment Planning 2020 Edition
Ch. 9 - Prob. 1QPDCh. 9 - Prob. 2QPDCh. 9 - Prob. 3QPDCh. 9 - Prob. 4QPDCh. 9 - Prob. 5QPDCh. 9 - Prob. 6QPDCh. 9 - Prob. 7QPDCh. 9 - Prob. 8QPDCh. 9 - Prob. 9QPDCh. 9 - Explain the difference between a substituted basis...
Ch. 9 - Prob. 11QPDCh. 9 - Prob. 12QPDCh. 9 - Prob. 13QPDCh. 9 - Prob. 14QPDCh. 9 - Prob. 15QPDCh. 9 - Prob. 1APCh. 9 - Prob. 2APCh. 9 - Prob. 3APCh. 9 - Prob. 4APCh. 9 - Prob. 5APCh. 9 - Prob. 6APCh. 9 - This year, Neil Inc. exchanged a business asset...Ch. 9 - Prob. 8APCh. 9 - Prob. 9APCh. 9 - XYZ exchanged an old building for a new like-kind...Ch. 9 - Prob. 11APCh. 9 - Prob. 12APCh. 9 - Prob. 13APCh. 9 - Prob. 14APCh. 9 - Prob. 15APCh. 9 - Prob. 16APCh. 9 - Prob. 17APCh. 9 - Prob. 18APCh. 9 - Prob. 19APCh. 9 - On October 18 of last year, a flood washed away...Ch. 9 - Prob. 21APCh. 9 - Prob. 22APCh. 9 - Prob. 23APCh. 9 - Mr. ZJ owns a sole proprietorship. The business...Ch. 9 - Prob. 25APCh. 9 - Prob. 26APCh. 9 - Prob. 27APCh. 9 - Prob. 28APCh. 9 - Prob. 29APCh. 9 - Prob. 30APCh. 9 - Prob. 31APCh. 9 - Prob. 32APCh. 9 - Prob. 33APCh. 9 - Prob. 34APCh. 9 - Prob. 1IRPCh. 9 - Prob. 2IRPCh. 9 - Prob. 3IRPCh. 9 - Prob. 4IRPCh. 9 - Prob. 5IRPCh. 9 - Prob. 6IRPCh. 9 - Prob. 7IRPCh. 9 - Prob. 8IRPCh. 9 - Prob. 9IRPCh. 9 - Prob. 10IRPCh. 9 - Prob. 1RPCh. 9 - Prob. 2RPCh. 9 - Prob. 3RPCh. 9 - Prob. 1TPCCh. 9 - Prob. 2TPCCh. 9 - Prob. 3TPCCh. 9 - Croyden is a calendar year, accrual basis...
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