Parcel A property transferred from Smith to Jones: Fair market value of Parcel A $ 2 9
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Question:
Parcel A property transferred from Smith to Jones:
Fair market value of Parcel A $
Smith's adjusted basis in Parcel A $
Remaining mortgage on Parcel A assumed by Jones $
Parcel B property transferred from Jones to Smith:
Fair market value of Parcel B $
Jones' adjusted basis in Parcel B $
Remaining mortgage on Parcel B assumed by Smith $
List the realized gain, recognized gain, and basis for Smith.
Who do you think leaves this exchange the happiest from the tax perspective? Briefly state why.
Now imagine Smith and Jones are trading luxury cars all numbers are the same, otherwise List the realized gain and recognized gain for Smith.
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