Rosilyn trades an old parcel of land with an adjusted basis of $13,000 and an outstanding loan liability balance of $2,000 for a new parcel of land valued at $9,000 plus $3,000 cash from Bob's Company. Bob assumes Rosilyn's loan balance. What is Rosilyn's amount realized on the transaction? Oa. $13,000 Ob. $14,000 Oc. $3,000 Od. $9,000 Oe. $12,000

Rosilyn trades an old parcel of land with an adjusted basis of $13,000 and an outstanding loan liability balance of $2,000 for a new parcel of land valued at $9,000 plus $3,000 cash from Bob's Company. Bob assumes Rosilyn's loan balance. What is Rosilyn's amount realized on the transaction? Oa. $13,000 Ob. $14,000 Oc. $3,000 Od. $9,000 Oe. $12,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 44IIP

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