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Robert has owned a vacan

Robert has owned a vacan

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Robert has owned a vacant lot that he held for investment purposes in Nebraska for six years that he exchanges for an apartment building in the current year. The vacant lot has an adjusted basis of $544,500 and a fair market value of $795,500. The apartment building has an adjusted basis to the owner of $381,800 and a fair market value of $744,500. Robert also receives cash of $51,000 in exchange for his land. (a) What is Robert's realized gain/loss? (Enter loss using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Robert's is $
Transcribed Image Text:Robert has owned a vacant lot that he held for investment purposes in Nebraska for six years that he exchanges for an apartment building in the current year. The vacant lot has an adjusted basis of $544,500 and a fair market value of $795,500. The apartment building has an adjusted basis to the owner of $381,800 and a fair market value of $744,500. Robert also receives cash of $51,000 in exchange for his land. (a) What is Robert's realized gain/loss? (Enter loss using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) Robert's is $
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