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jekas [21]
3 years ago
8

Bud exchanges land with an adjusted basis of $ 22,000 and a fair market value of $ 30,000 for another parcel of land with a fair

market value of $ 28,000 and $2,000 cash. What is Bud's recognized gain or loss?
a. $0
b. $2,000
c. $6,000
d. $8,000
e. None of the above
Business
1 answer:
erastovalidia [21]3 years ago
6 0

Given :

Bud exchanges land with an adjusted basis of $ 22,000 and a fair market value of $ 30,000 for another parcel of land with a fair market value of $ 28,000 and $2,000 cash.

To Find :

What is Bud's recognized gain or loss.

Solution :

This is a transaction of like kind exchange.

So, gain or loss to be recognized is :

= ( 28000+2000) - 28000\\\\=\$ 2000

Therefore, option B) is correct.

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