Author Question: In a nontaxable exchange, Henri traded in a truck having an adjusted basis of $8,500 and a FMV of ... (Read 73 times)

armygirl · **on:** Sep 13, 2020

Question 1

If there is a like-kind exchange of property between related parties, how long do they have to wait to dispose of the property received in order to avoid having to recognize any gain on the exchange?
◦ 6 months
◦ 1 year
◦ 2 years
◦ no waiting period

Question 2

In a nontaxable exchange, Henri traded in a truck having an adjusted basis of $8,500 and a FMV of $10,000, for a new truck having a FMV of $15,000. In addition, Henri paid cash of $5,000. What is Henri's basis in the new truck?
◦ $5,000
◦ $8,500
◦ $13,500
◦ $15,000

frogdreck123456 · **Reply #1 on:** Sep 13, 2020

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