CC Company exchanged a depreciable asset with a $20,500 initial cost and a $10,700 adjusted basis for a new asset priced at $19,500.

Assuming that the assets do not qualify as like-kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.

Assuming that the assets qualify as like-kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.

omplete this question by entering your answers in the tabs below.

• Required A
• Required B

Assuming that the assets do not qualify as like-kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.

A
Capital gainselected answer incorrect	$8,800selected answer correct
Basis	$8,800selected answer incorrect

• Assuming that the assets qualify as like-kind property, compute the amount and character of CCs recognized gain and its basis in the new asset.

  B
  Capital gain selected answer incorrect	$8,800selected answer incorrect
  Basis	$8,800selected answer incorrect