Fill in the blanks on the following like-kind exchanges Adjusted basis of old asset Boot given...

Fill in the blanks on the following like-kind exchanges

	Adjusted basis of old asset	Boot given	FMV of new asset	Boot received	Realized Gain/(loss)	Postponed Gain/loss	New basis of received property
a.	17000	0	14000	0
b.	15000	0	29000	0
c.	4000	6000	8000	500
d.	16000	0	28000	0
e.	7000	0	12000	4000

Expert Solution

	Adjusted basis of old asset	Boot given	FMV of new asset	Boot received	Realized Gain/(loss)	Recognized Gain/(loss)	Postponed Gain/(loss)	New basis of received property
A	17,000	-	14,000	-	(3000)	-	(3000)	17,000
B	15,000	-	29,000	-	14,000	-	14,000	15,000
C	4,000	6,000	8,000	500	4,000	500	3,500	10,000
D	16,000	-	28,000	-	12,000	-	12,000	16,000
E	7,000	-	12,000	4,000	5,000	4,000	1,000	7,000

Notes:
Realized gain/(loss)= FMV of new asset-adjusted basis of old asset+boot received-boot given
Recognised gain/(loss) =lesser of realized gain/(loss) or boot received
Potsponed gain/(loss)=Realized gain/(loss)-Recognized gain/(loss)
New basis of received property=Adjusted basis of old asset+boot given+Gain recognised-boot received-loss recognized

ekkarill92 answered 2 years ago

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