Carey exchanges real estate for other real estate in a qualifying like-kind exchange. Careys basis in the
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Carey exchanges real estate for other real estate in a qualifying like-kind exchange. Carey’s basis in the real estate given up is $120,000, and the property has a fair market value of $165,000. In exchange for her property, Carey receives real estate with a fair market value of $100,000 and cash of $15,000. In addition, the other party to the exchange assumes a mortgage loan on Carey’s property of $50,000.
a. Calculate Carey’s recognized gain, if any, on the exchange. $
b. Calculate Carey’s basis in the property received. $
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a Calculate Careys recognized gain if any on the exchange Start with the adjusted basis of the prope...View the full answer
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Related Book For 
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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