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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 82 times)

darbym82

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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


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Marked as best answer by darbym82 on Sep 13, 2020

chloejackso

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darbym82

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Reply 2 on: Sep 13, 2020
Wow, this really help


mcarey591

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

 

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