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DochEvi [55]
4 years ago
7

Firm M exchanged an old asset with a $14,600 tax basis and a $35,000 FMV for a new asset worth $25,500 and $9,500 cash. If the e

xchange is nontaxable, compute Firm M’s realized and recognized gain and tax basis in the new asset. How would your answers change if the new asset were worth only $14,000, and Firm M received $21,000 cash in the exchange?
Business
1 answer:
ANEK [815]4 years ago
6 0

Answer:

a. Recognized gain = $ 0

b. Taxes basis = 14.000

Explanation:

a) Solution :- If the exchange is non-taxable :-

Realized gain = 35.000 - 14.600 = $ 20.400.

Recognized gain = $ 0. (The exchange situation falls / comes in the ambit of Section 1031 of IRS Code.)

Tax basis in the new asset = 14600 + 9500 = $ 24100.

Question b). Solution :-

Realized gain = 14000 + 21000 - 14600 = $ 20400.

Recognized gain = $ 20400 (Lesser of realized gain or boot received i.e., lesser of $ 20400 or $ 21000)

Tax basis in the new asset = 14600 + 20400 - 21000 = $ 14000.

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