Munster trades land held for 3 years, worth $25,000 in which she has a basis of $18,000. She receives from Swiss land worth $25,000. Swiss had a basis of $2,000, and a holding period of 8 years in the land he gave up? a) What is Munster’s basis in the land received? b) What is Munster’s holding period in the land received? c) Is Munster’s basis carryover basis or substituted basis? d) Is Munster’s holding period carryover or tacked holding period?

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A: calculation of Kase realized gain or loss  -   realized gain = total amount realized in sale -…

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Q: On February 2018, Mr. and Mrs.Joso donated a conjugal parcel of land to their son who was getting…

A: Net taxable value of gift = fair market value of property at the time of donation less mortgage…

Q: .  Bob owned a duplex used as rental property.  The duplex had an adjusted basis to Bob of $86,000…

A: Given information:   Adjusted basis - $279,000 Fair Market Value - $300,000

Q: Kase, an individual, purchased some property in Potomac, Maryland, for $150,000 approximately 10…

A: In the United States, a like-kind exchange, also known as a 1031 exchange, is a transaction or…

Q: Your supervisor has asked you to research the following situation concerning Owen and Lisa…

A: Memorandum of gain recognition of O & L   Mr. O & M L Cordoncillo Denver, U-SA Sub:…

Q: Jackie sold to Zhakie a parcel of land classified as a capital asset located in the province of…

A: Here, Selling Price: P6,000,000 Semi-Annual Installments: P1,000,000 Number of Installments: Every 6…

Q: On September 30 of last year, Rex received some investment land from Holly as a gift. Holly’s…

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Q: Janna is a sole proprietor engaged in the distribution of real estate. During the year, he sold a…

A: For taxation purpose, sale proceeds shall be considered as fair market value Taxable amount = Fair…

Q: Lori, who is single, purchased 5-year class property for $200,000 and 7-yearclass property for…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Bob owned a duplex used as rental property.  The duplex had an adjusted basis to Bob of $86,000 and…

A: Given information:   Adjusted basis - $86,000 Fair Market Value - $300,000

Q: Melba purchases land from Adrian. Melba gives Adrian $355,800 in cash and agrees to pay Adrian an…

A: All expenses which are incurred on an asset before being put to use will be included in recording…

Q: In year 0, Patrice purchased a machine to use in its business for $112,000. In year 3, Patrice sold…

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Q: On August 31, 2019, Harvey and Ling, who file a joint return and live in Charleston, South Carolina,…

A: Sec 121 of IRS Code:- This section allows a taxpayer who files jointly to exclude $500,000 of…

Q: Kaylee transfers land to Mer Corporation with a basis of $300,000. The property is worth $700,000.…

A: Taxable income is the total income earned by an individual or a company on which he/she has to pay…

Q: Ava exchanges land used in her business with Gail for another parcel of land. The basis of Ava's old…

A: Formula: Gain on land exchanged = Fair market value - basis of land

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A:

Q: property with a fair market value of $120,000. What is the amount realized? a.) $1,370,000 b.)…

A:

Q: a new home in Houston. The realized gain on the second sale is $275,220. Do not round any division.

A: In this question, we have to find out the recognized gain on the second sale.

Q: Oscar sells land (AB $100,000) to his son, Rob, for its FMV of $73,000. Which of the following…

A: Recognized Gain/Loss=Sale value-Cost of asset

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A: Realized gain: A realized gain results from selling an asset at a price higher than the original…

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Q: Many years ago James and Sergio purchased property for $450,000. Although they are listed as equal…

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A: There is no gain or loss as the fair market value of both duplex and triplex.

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A: Capital gain refers to the amount that arises from the increase in the value of capital assets and…

Q: Bob owned a duplex used as rental property.  The duplex had an adjusted basis to Bob of $86,000 and…

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Q: Pedro, age 57, is the sole owner of his principal residence, which he has owned and occupied for 10…

A: Pedro, age 57, is the sole owner of his principal residence, which he has owned and occupied for 10…

Q: Carlos and Connie own a farm as tenancy by the entirety (TBE). The farm is currently valued at $2…

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Q: Many years ago James and Sergio purchased property for $945,000. Although they are listed as equal…

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A:

Q: At the time of his death on July 9, Aiden held rights in the following real estate: The apartment…

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Q: Basil has $105,000 AGI (before any rental loss). He also owns several rental properties in which hè…

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Q: Bob owned a duplex used as rental property.  The duplex had an adjusted basis to Bob of $86,000 and…

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Q: On March 1, 2021, Lala received a building property from her parents as inheritance with fair market…

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Q: What is Ashley’s adjusted basis of the property?

A: Solution:- Adjusted basis of Property :- Adjusted basis refers to how much you lose or gain when you…

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Reasons for Estate Planning

Planning is a process that helps decide in advance about future activities and operations. Planning helps to draft the procedures by identifying, analyzing, and designing how to work, when to work, by whom should be done, and what has to be done. It is the primary step followed by a person, business organizations, institutions, companies, etc.