Answer:
$17,000
Explanation:
Leker's Old Property Adjusted Tax Basis = $20,000
To calculate the new basis, subtract the $3000 recieved in cash from the new property.
New Tax Basis; $20,000-$3,000= $17,000
The transaction of Leker to exchange a real property for another led to a loss: Meaning a Property of $20,000 was exchanged for a property of $10,000+ $3,000 (cash)= $13,000
The Loss on the transaction= $20,000- $13,000= $7,000
Due to the loss no gain is recognized and the $3000 will reduce the basis for his new asset.
Answer:
An increase in the change in supply shifts the supply curve to the right, while a decrease in the change in supply shifts the supply curve left....
Taxing a good with relatively less elastic demand, helps government to raise more revenue with lower welfare loss.
