subject
Business, 18.03.2020 05:06 bellebug6208

In two unrelated transactions, Laura exchanges property that qualifies for like-kind exchange treatment. In the first exchange, Laura gives up land purchased in May 2016 (adjusted basis of $20,000; fair market value of $17,000) in exchange for a different parcel of land (fair market value of $15,000) and $2,000 cash. In the second exchange, Laura receives a parking garage (to be used in her business) with a fair market value of $50,000 in exchange for a plot of land she had held for investment. The land was purchased in April 2010 for $12,000 and has a current fair market value of $48,000. In addition to transferring the land, Laura pays an additional $2,000 to the other party.
Required:
1. Laura's recognized gain or loss is $0 and her adjusted basis for the parking garage is $.2. In order to produce better tax consequences, Laura could sell the office equipment to one party and purchase the new office equipment froma different party, thus allowing her to recognize the loss of $.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 18:20
Which of the following is intended to demonstrate to an employer the importance of cooperating with workers? a. a collective agreement. b. a stock offer. c. a boost in production. d. a work slowdown. 2b2t
Answers: 2
question
Business, 22.06.2019 13:30
On january 2, well co. purchased 10% of rea, inc.’s outstanding common shares for $400,000, which equaled the carrying amount and the fair value of the interest purchased in rea’s net assets. well did not elect the fair value option. because well is the largest single shareholder in rea, and well’s officers are a majority on rea’s board of directors, well exercises significant influence over rea. rea reported net income of $500,000 for the year and paid dividends of $150,000. in its december 31 balance sheet, what amount should well report as investment in rea?
Answers: 3
question
Business, 22.06.2019 15:00
Beagle autos is known for its affordable and reliable brand of consumer vehicles. because its shareholders expect to see an improved rate of growth in the coming years, beagle's executives have decided to diversify the company's range of products so that at least 40 percent of the firm's revenue is generated by new business units. however, the company's resources, capabilities, and competencies are limited to producing other forms of motorized vehicles, such as motorcycles and all-terrain vehicles (atvs). which type of corporate diversification strategy should beagle pursue?
Answers: 1
question
Business, 22.06.2019 16:40
Job applications give employers uniform information for all employees,making it easier to
Answers: 1
You know the right answer?
In two unrelated transactions, Laura exchanges property that qualifies for like-kind exchange treatm...
Questions
question
Social Studies, 01.06.2021 20:40
question
Mathematics, 01.06.2021 20:40
question
Chemistry, 01.06.2021 20:40
question
Mathematics, 01.06.2021 20:40