Peter exchanges a building valued at $400,000 for land also valued at $400,000 in a qualifying like-kind

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Peter exchanges a building valued at $400,000 for land also valued at $400,000 in a qualifying like-kind exchange. The building has a basis of $230,000. What are Peter's realized gain or loss and the basis of the land?

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Taxation For Decision Makers 2017

ISBN: 9781119330417

7th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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Question Posted: Oct 26, 2017 03:33 AM

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Peter exchanges a building valued at $400,000 for land also valued at $400,000 in a qualifying like-kind

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400000 received 230000 basi...View the full answer

Taxation For Decision Makers 2017

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