Author Question: Rosa exchanges business equipment with a $60,000 adjusted basis for a like-kind piece of equipment ... (Read 55 times)

nautica902 · **on:** Sep 13, 2020

Question 1

Rolf exchanges an office building worth $150,000 for investment land worth $175,000. He also provided stock worth $25,000. Rolf's adjusted basis in the building and stock is $130,000 and $11,000, respectively. How much gain will Rolf recognize on the exchange?
◦ $0
◦ $14,000
◦ $20,000
◦ $34,000

Question 2

Rosa exchanges business equipment with a $60,000 adjusted basis for a like-kind piece of equipment with a $100,000 FMV and $20,000 of marketable securities. What is Rosa's basis for the new equipment?
◦ $60,000
◦ $80,000
◦ $100,000
◦ $120,000

harveenkau8139 · **Reply #1 on:** Sep 13, 2020

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