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Author Question: Richard exchanges a building with a basis of $35,000, and subject to a liability of $25,000, for ... (Read 84 times)

darbym82

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on: Sep 13, 2020

Question 1

Michelle purchased her home for $150,000, and subsequently added a garage costing $25,000 and a new porch costing $5,000. Repairs to the home's plumbing cost $1,000. The adjusted basis in the home is
◦ $150,000.
◦ $151,000.
◦ $180,000.
◦ $181,000.

Question 2

Richard exchanges a building with a basis of $35,000, and subject to a liability of $25,000, for land with a FMV of $50,000 owned by Bill.  Bill takes the building subject to the liability. What is the amount of Richard's realized gain?
◦ $0
◦ $15,000
◦ $25,000
◦ $40,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by darbym82 on Sep 13, 2020

chloejackso

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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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darbym82

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

ultraflyy23

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

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