Business, 07.07.2020 20:01 queenpanda365
Alice and Brendan exchanged the following business real estate:
Undeveloped Land (exchanged by Alice) Commercial Building (Exchanged by Brendan)
FMV $975,000 $1,570,000
Mortgage $0 (595,000)
Equity $975,000 $975,000
Required:
a. If Alice's adjusted basis in the undeveloped land was $360,000, compute Alice's realized gain, recognized gain, and basis in the commercial building received in the exchange.
b. If Brendan's adjusted basis in the commercial building was $790,000, compute Brendan's realized gain, recognized gain, and basis in the undeveloped land received in the exchange.
Answers: 3
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Alice and Brendan exchanged the following business real estate:
Undeveloped Land (exchanged by Alic...
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