1031 Like-kind exchange Self created example, need explaination Help Case 1. If I have a property of
Question:
1031 Like-kind exchange
Self created example, need explaination Help
Case 1. If I have a property of FMV $500, Basis $100, Loan $150. I would like to do exchange of B's property FMV $500, Basis $200. What is gain/loss recognize of each and new basis of each property?
Case 2. If I have a property of FMV $600m, Basis $100. I would like to do exchange of B's property FMV $300, Basis $200, equipement FMV $250, basis $50. What is gain/loss recognize of each party and new basis of each property?
Case 2. If I have a property of FMV $300m, Basis $100, Loan $50. I would like to do exchange of B's property FMV $300, Basis $110, Loan $70. What is gain/loss recognize of each party and new basis of each property?
Fundamentals of Investing
ISBN: 978-0133075359
12th edition
Authors: Scott B. Smart, Lawrence J. Gitman, Michael D. Joehnk