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11111nata11111 [884]
4 years ago
15

Matthew exchanges an investment apartment building for a parcel of land. The apartment building has a fair market value of $80,0

00 and an adjusted basis of $95,000. The land's value is $60,000. Matthew receives $20,000 cash in the exchange. What is Matthew's recognized gain (loss) on the exchange and his basis in the land?
Business
1 answer:
Kipish [7]4 years ago
5 0

Answer:

Recognized gain (loss) on the exchange = $0

Basis in the land = $75,000

Explanation:

Apartment Fair market value = $80,000

Land's value = $60,000

Cash received = $20,000

So Gain/(Loss) = $80,000 - ($60,000+$20,000) = $0

Basis in Land = $95,000-$20,000 = $75,000

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Answer:

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3 years ago
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