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Author Question: Laurie owns land held for investment. The land's FMV is $150,000. Laurie's basis in the land is ... (Read 663 times)

Starlight

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on: Sep 13, 2020

Question 1

Landry exchanged land with an adjusted basis of $50,000 for another parcel of land worth $35,000 plus $10,000 of cash. Landry held the original land for investment purposes and will do the same with the new parcel. Due to the exchange, Landry will recognize
◦ $10,000 gain.
◦ $5,000 gain.
◦ $5,000 loss.
◦ $0.

Question 2

Laurie owns land held for investment. The land's FMV is $150,000. Laurie's basis in the land is $130,000.  Laurie exchanges the land, plus $20,000 of cash, for a warehouse owned by Trey. The warehouse is worth $210,000, but is subject to a mortgage of $40,000 which Laurie will assume. Trey's basis in the warehouse is $120,000. Laurie's basis in the warehouse received will be
◦ $150,000.
◦ $170,000.
◦ $190,000.
◦ $210,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Starlight on Sep 13, 2020

kaykay69

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Starlight

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)

covalentbond

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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