Katrina owns undeveloped land with an adjusted basis of $300,000. She exchanges it for other undeveloped land

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Katrina owns undeveloped land with an adjusted basis of $300,000. She exchanges it for other undeveloped land worth $750,000.
a. What are Katrina's realized and recognized gain or loss?
b. What is Katrina's basis in the undeveloped land she receives?
c. Would the answers in (a) and (b) change if Katrina exchanged the undeveloped land for land and a building? Explain.
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Related Book For  answer-question

South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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