Answered: has a $25,000 basis, and receives…

has a $25,000 basis, and receives $4,000 (cash), Land $30,000 FMV and basis of $14,000 What is her gain or loss? What if the basis was $24,000? What if she received $28,000 cash and the land?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 25P

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Question

Lisa has a $25,000 basis, and receives $4,000 (cash), Land $30,000 FMV and basis of $14,000

What is her gain or loss?
What if the basis was $24,000?
What if she received $28,000 cash and the land?

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