Mandy and Theo exchange real property in a like-kind exchange. Mandy receives real property with a fair market value of $76,800 and transfers real property worth $53,760 (adjusted basis of $37,632) and cash of $23,040. What is Mandy's realized and recogni gain? If an amount is zero, enter "0". Mandy's realized gain is $ and her recognized gain is $

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter15: Property Transactions: Nontaxable Exchanges
Section: Chapter Questions
Problem 19CE
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Mandy and Theo exchange real property in a like-kind exchange. Mandy receives real
property with a fair market value of $76,800 and transfers real property worth $53,760
(adjusted basis of $37,632) and cash of $23,040. What is Mandy's realized and recognized
gain?
If an amount is zero, enter "0".
Mandy's realized gain is $
and her recognized gain is $
Transcribed Image Text:Mandy and Theo exchange real property in a like-kind exchange. Mandy receives real property with a fair market value of $76,800 and transfers real property worth $53,760 (adjusted basis of $37,632) and cash of $23,040. What is Mandy's realized and recognized gain? If an amount is zero, enter "0". Mandy's realized gain is $ and her recognized gain is $
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