PRINCIPLES OF TAXATION F/BUS...(LL)
23rd Edition
ISBN: 9781260433197
Author: Jones
Publisher: MCG
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Chapter 9, Problem 2IRP
To determine
Identify the issue for the situation given.
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Students have asked these similar questions
Reese and Jake engage in a like-kind exchange. Reese transfers real estate with a fair market value of
$500,000 and an adjusted basis of $200,000 to Jake. Jake transfers real estate worth $700,000 and an
adjusted basis of $250,000, plus a $200,000 mortgage on the property, to Reese. What is Jake's potential
or deferred gain before and after the transaction?
$450,000 potential gain before the transaction; $50,000 potential gain after the transaction.
$250,000 potential gain before the transaction; $50,000 potential gain after the transaction.
$450,000 potential gain before the transaction; $250,000 potential gain after the transaction.
$250,000 potential gain before the transaction; $200,000 potential gain after the transaction.
Income Tax
Misha Corp. exchanged Land A for Land B. Misha originally purchased Land A for $150,000 and Land A’s fair value was $165,000 at the time of the exchange. Misha gave Land A and $12,000 in cash in exchange for Land B, which had a fair market value of $177,000 at the time of the exchange. Assume the exchange qualifies as a like-kind exchange.
What is Misha's recognized gain/loss on the exchange?
What is Misha's basis in Land B?
Misha Corp. exchanged Land A for
Land B. Misha originally purchased
Land A for $150,000 and Land A's fair
value was $165,000 at the time of the
exchange. Misha gave Land A and
$12,000 in cash in exchange for Land
B, which had a fair market value of
$177,000 at the time of the exchange.
Assume the exchange qualifies as a
like-kind exchange.
1. What is Misha's recognized gain/loss
on the exchange?
A. $12000 gain B. $0 gain C. $27000
D. $15000
2. What is Misha's basis in Land B?
A. $150000 B. $177000 C. $162000
Chapter 9 Solutions
PRINCIPLES OF TAXATION F/BUS...(LL)
Ch. 9 - Prob. 1QPDCh. 9 - Prob. 2QPDCh. 9 - Prob. 3QPDCh. 9 - Prob. 4QPDCh. 9 - Prob. 5QPDCh. 9 - Prob. 6QPDCh. 9 - Prob. 7QPDCh. 9 - Prob. 8QPDCh. 9 - Prob. 9QPDCh. 9 - Explain the difference between a substituted basis...
Ch. 9 - Prob. 11QPDCh. 9 - Prob. 12QPDCh. 9 - Prob. 13QPDCh. 9 - Prob. 14QPDCh. 9 - Prob. 15QPDCh. 9 - Prob. 1APCh. 9 - Prob. 2APCh. 9 - Prob. 3APCh. 9 - Prob. 4APCh. 9 - Prob. 5APCh. 9 - Prob. 6APCh. 9 - This year, Neil Inc. exchanged a business asset...Ch. 9 - Prob. 8APCh. 9 - Prob. 9APCh. 9 - XYZ exchanged an old building for a new like-kind...Ch. 9 - Prob. 11APCh. 9 - Prob. 12APCh. 9 - Prob. 13APCh. 9 - Prob. 14APCh. 9 - Prob. 15APCh. 9 - Prob. 16APCh. 9 - Prob. 17APCh. 9 - Prob. 18APCh. 9 - Prob. 19APCh. 9 - On October 18 of last year, a flood washed away...Ch. 9 - Prob. 21APCh. 9 - Prob. 22APCh. 9 - Prob. 23APCh. 9 - Mr. ZJ owns a sole proprietorship. The business...Ch. 9 - Prob. 25APCh. 9 - Prob. 26APCh. 9 - Prob. 27APCh. 9 - Prob. 28APCh. 9 - Prob. 29APCh. 9 - Prob. 30APCh. 9 - Prob. 31APCh. 9 - Prob. 32APCh. 9 - Prob. 33APCh. 9 - Prob. 34APCh. 9 - Prob. 1IRPCh. 9 - Prob. 2IRPCh. 9 - Prob. 3IRPCh. 9 - Prob. 4IRPCh. 9 - Prob. 5IRPCh. 9 - Prob. 6IRPCh. 9 - Prob. 7IRPCh. 9 - Prob. 8IRPCh. 9 - Prob. 9IRPCh. 9 - Prob. 10IRPCh. 9 - Prob. 1RPCh. 9 - Prob. 2RPCh. 9 - Prob. 3RPCh. 9 - Prob. 1TPCCh. 9 - Prob. 2TPCCh. 9 - Prob. 3TPCCh. 9 - Croyden is a calendar year, accrual basis...
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