11. Isaac buys a piece of land as an investment, paying $20,000. Three years later he...

 

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11. Isaac buys a piece of land as an investment, paying $20,000. Three years later he trades the land to Isadore for a piece of land worth $26,000. Isaac holds the new land as an investment. Does Isaac realize a gain on the swap of the |land, and if so how much gain is realized? 12. Does Isaac recognize a gain on the swap of the land and if so how much is it? 13. What is Isaac's adjusted basis in the new property he receives? What is Isaac's holding period in the new land he receives? 11. Isaac buys a piece of land as an investment, paying $20,000. Three years later he trades the land to Isadore for a piece of land worth $26,000. Isaac holds the new land as an investment. Does Isaac realize a gain on the swap of the |land, and if so how much gain is realized? 12. Does Isaac recognize a gain on the swap of the land and if so how much is it? 13. What is Isaac's adjusted basis in the new property he receives? What is Isaac's holding period in the new land he receives?

Answer rating: 100% (QA)

11 As Issac bought the piece of land 20000 and sold it in exchange with piece of land worth 26000 so he gained 6000 2600020000 As land is non depricia... View the full answer