Author Question: Will exchanges a building with a basis of $35,000, and subject to a liability of $30,000, for land ... (Read 31 times)

silviawilliams41 · **on:** Sep 13, 2020

Question 1

Which one of the following does not affect the adjusted basis of a house held as rental property?
◦ depreciation deduction
◦ adding a new room to the house
◦ painting of more than 50% of the rooms in the home
◦ installation of a completely new heating system

Question 2

Will exchanges a building with a basis of $35,000, and subject to a liability of $30,000, for land with a FMV of $50,000 owned by Jane. Jane takes the land subject to the liability. The amount realized by Will is
◦ $30,000.
◦ $35,000.
◦ $50,000.
◦ $80,000.

amynguyen1221 · **Reply #1 on:** Sep 13, 2020

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