s $1,800, and land in whic as $25,000. s on the distribution?
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- During the current year, Ethel exchanges a business land for different business land in a like-kind exchange. Ethel's adjusted basis in the land given up is $7,000, and she receives a land worth $13,000 plus $3,000 cash. a. Calculate the amount of gain realized by Ethel on the exchange. b. Calculate the amount of the gain that must be recognized by Ethel on the transaction.1 Suppose the taxpayer originally purchased the machinery by paying $12,000 in cash and giving the seller a note for $12,000. When she sold it she received $38,000 in cash and the buyer assumed the $12.000 note. a. What is the amount realized? b. What is the adijusted basis of the machinery? c. What is the gain on the sale of the machinery?Fred and Sarajane exchanged land in a qualifying like-kind exchange. Fred gives up land with an adjusted basis of $11,000 (fair market value of $16,000) in exchange for Sarajane's land with a fair market value of $12,000 plus $4,000 cash. How much gain should Fred recognize on the exchange? a.$4,000 b.$5,000 c.$0 d.$1,000 e.None of these choices are correct
- kk. Subject :- Accounting Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land in Indiana with a FMV of $80,000 and $20,000 cash. Both parcels of land will be used in Michelle's trade or business. What is Michelle's recognized gain or loss?1. Kelly exchanges land (adjusted basis of $75,000; fair market value of $62,000) used in her business and common stock held for investment (adjusted basis of $8,000; fair market value of $12,000) for a single parcel of land (fair market value of $74,000) to be used in her business in a like-kind exchange. Determine her basis for the land she exchanges.Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2021, for $550,000. Kate pays the real property taxes for the entire year on October 1, 2021. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $ 1,500 X and Kate can deduct $ 7,500 X of the property taxes. Feedback b. What effect does the property tax apportionment have on Kate's adjusted basis in the property? Kate's adjusted basis for the property is increased V by the $ 1,500 X she paid that is apportioned to Sally. Feedback c. What effect does the apportionment have on Sally's amount realized from the sale?
- Rafael sold an asset to Jamal. What is Rafael's amount realized on the sale in each of the following alternative scenarios? c. Rafael received $23,500 cash, a parcel of land worth $96,500, and marketable securities of $10,40O. Rafael also paid a commission of $9,000 on the transaction. Amount realizedSammy exchanges land used in his business in a like-kind exchange. The property exchanged is as follows: Property Surrendered Property Received Adj. Basis FMV Adj. Basis FMV Land $44,000 $60,000 $50,000 $43,000 Cash $ 5,000 $ 5,000 Liability on land $12,000 $12,000 The other party assumes the liability. A. What is Sammy’s recognized gain or loss? Explain your answer. b. What is Sammy’s basis for the assets he received?The following information applies to question 17-19: Snow White gave both Fairytaleland (with a basis of $8,000 and market value of $10,000) and $3,000 cash to Cinderella. Cinderella in return gave Snow White an acre of Neverland (basis of $15,000 and market value of $13,000). Both land parcels are held for investment. What amount, if any, is Cinderella's recognized gain or loss? 17. 18. 19. What amount is Cinderella's basis in Fairytaleland? What amount is Snow White's basis in Neverland?