South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 15, Problem 7DQ
To determine

Describe the reason for new land having a different holding period than the stock.

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Valerie exchanges a building and land (used in her business) for Vanessa’s land and building and some equipment (used in her business). The assets have the following values:  Provide the final answers to the questions below. Show your work.   Adjusted Basis Fair Market Value Valerie's real property $9,760 $24,400 Vanessa's real property $4,880 $19,520 Equipment $4,392 $7,320 What are Valerie’s recognized gain or loss and basis for the land and building and equipment acquired from Vanessa? What are Vanessa's recognized gain or loss and basis for the land and building acquired from Valerie? Given Valerie’s gain/loss and the potential tax implications, do you recommend she makes this exchange?
Sarah exchanges a building and land (used in its business) for Tyler's land and building and some equipment (used in its business). The assets have the following characteristics: Adjusted Basis Fair Market Value Sarah's real property $3,600 $9,000 Tyler's real property 1,800 7,200 Equipment 1,620 2,700 a. What are Sarah's recognized gain or loss and basis for the land and building and equipment acquired from Tyler? Her adjusted basis in the land and building she acquired from Tyler is $ Her recognized is $ and her adjusted basis in the equipment is $ b. What are Tyler's recognized gain or loss and basis for the land and building acquired from Sarah? is $ Tyler's recognized and his adjusted basis in the land and building he acquired from Sarah is
Sarah exchanges a building and land (used in her business) for Tyler's land and building and some equipment (used in his business). The assets have the following characteristics:   Adjusted Basis Fair Market Value Sarah’s real property $120,000     $300,000     Tyler’s real property 60,000     220,000     Equipment 50,000     80,000     a.  What are Sarah’s recognized gain or loss and basis for the land and building and equipment acquired from Tyler? b.  What are Tyler’s recognized gain or loss and basis for the land and building acquired from Sarah?

Chapter 15 Solutions

South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)

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