Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 15, Problem 37P
a.
To determine
Compute T’s realized gain or loss.
b.
To determine
Compute T’s recognized gain.
c.
To determine
Compute the new basis of real estate.
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Students have asked these similar questions
Viktor exchanges stock (adjusted basis $19,000, FMV $26,800) and real estate (adjusted basis $19,000, FMV $46,000) held for
investment for other real estate to be held for investment. The real estate acquired in the exchange has a suggested FMV of $70,200.
Required:
a. What are Viktor's realized and recognized gain or loss?
b. What is the basis of the acquired real estate?
a
a
b.
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For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer.
If an amount is zero, enter "0".
a. Kiera sells Parchment, Inc. stock (adjusted basis
$29,000) to Phillip, her brother, for its fair market
value of $2,800.
b. Darnell sells land (adjusted basis $89,000) to his
nephew, Boyd, for its fair market value of $41,800.
c. Susan sells a tax-exempt bond (adjusted basis
$43,300) to her wholly owned corporation for its fair
market value of $23,300.
d. Sinbad sells a business truck (adjusted basis
$17,400) that he uses in his sole proprietorship to
his cousin, Agnes, for its fair market value of
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e. Martha sells her partnership interest (adjusted basis
$149,600) in Pearl Partnership to her adult daughter,
Kim, for $193,100.
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1. Joe owns a farm with a basis of $250,000 and a fair market value of
$550,000. Willy owns an apartment building with a fair market value of
$100,000 and a basis of $300,000. They exchange properties. In addition,
Willy gives Joe $450,000 in cash.
a. What are Joe's and Willy's realized gain and losses on the transaction?
b. What amounts of gain or loss do they recognize on the transaction?
c. What is the basis of the property received by Joe? Willy?
Chapter 15 Solutions
Individual Income Taxes
Ch. 15 - Prob. 1DQCh. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - LO.2 Melissa owns a residential lot in Spring...Ch. 15 - LO.2 Ross would like to dispose of some land he...Ch. 15 - Prob. 7DQCh. 15 - Prob. 8DQCh. 15 - Prob. 9DQCh. 15 - Prob. 10DQ
Ch. 15 - Prob. 11DQCh. 15 - LO.3 Reba, a calendar year taxpayer, owns an...Ch. 15 - Prob. 13DQCh. 15 - Prob. 14DQCh. 15 - Prob. 15DQCh. 15 - Prob. 16CECh. 15 - Prob. 17CECh. 15 - Prob. 18CECh. 15 - Prob. 19CECh. 15 - LO.3 On June 5, 2019, Brown, Inc., a calendar year...Ch. 15 - LO.3 Camilos property, with an adjusted basis of...Ch. 15 - Prob. 22CECh. 15 - Prob. 23CECh. 15 - Prob. 24CECh. 15 - Prob. 25CECh. 15 - Prob. 26CECh. 15 - Prob. 27PCh. 15 - Prob. 28PCh. 15 - Prob. 29PCh. 15 - Prob. 30PCh. 15 - Prob. 31PCh. 15 - Prob. 32PCh. 15 - Prob. 33PCh. 15 - Ed owns investment land with an adjusted basis of...Ch. 15 - Prob. 35PCh. 15 - Prob. 36PCh. 15 - Prob. 37PCh. 15 - Prob. 38PCh. 15 - Prob. 39PCh. 15 - Prob. 40PCh. 15 - LO.3 Howards roadside vegetable stand (adjusted...Ch. 15 - Prob. 42PCh. 15 - Prob. 43PCh. 15 - Prob. 44PCh. 15 - Prob. 45PCh. 15 - Prob. 46PCh. 15 - What are the maximum postponed gain or loss and...Ch. 15 - Prob. 48PCh. 15 - Prob. 49PCh. 15 - Prob. 50PCh. 15 - Prob. 51PCh. 15 - Prob. 52PCh. 15 - Prob. 53PCh. 15 - Prob. 54PCh. 15 - Prob. 55PCh. 15 - Prob. 56PCh. 15 - Devon Bishop, age 45, is single. He lives at 1507...Ch. 15 - Prob. 1RPCh. 15 - Prob. 2RPCh. 15 - Taylor owns a 150-unit motel that was constructed...Ch. 15 - Prob. 6RPCh. 15 - Prob. 1CPACh. 15 - Susie purchased her primary residence on March 15,...Ch. 15 - Chad owned an office building that was destroyed...Ch. 15 - Prob. 4CPACh. 15 - Marsha exchanged land used in her business in...Ch. 15 - Prob. 6CPACh. 15 - Prob. 7CPA
Knowledge Booster
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