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 what are sarah’s recognized gain or loss and basis for the land and building and equipment acquired from tyler

Jake and janelle loved to prepare gourmet meals for friends and family. they started a business of preparing theme-type dinners for friends who were having parties. to generate even more interest in the business, janelle created on her website. she posted pictures of events, and close-ups of the food they served. she encouraged patrons and others to post reviews, comments, and favorite recipes, and to share their own party ideas. her promotion became a dialogue between buyers of her service and the business. interactive promotion infomercials product placement broadcast