Determine the tax consequences of an exchange (not sale) of like-kind properties when only like-kind property...

 

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Determine the tax consequences of an exchange (not sale) of like-kind properties when only like-kind property is received - Criteria 3/4. 5. Jackson who is not a dealer in real estate, exchanges an office building held for investment with an adjusted basis of $6,200, for vacant land to be held for investment with FMV of $7,500. He also paid $800 in cash. 5. How much of the gain is recognized and what is Jackson's basis in the vacant land? Oa. $500 recognized gain and $7,500 basis b. $1,300 recognized gain and $6,200 basis O c. $500 recognized gain and $7,000 basis O d. $0 recognized gain and $7.000 basis 4 Objective C-3-1 continued... 6. Marlon who is not a dealer in real estate, exchanges an apartment building held for investment with an adjusted basis of $9,200, for vacant land to be held for investment with FMV of $11,500. He also paid $900 in cash. How much of the gain is recognized and what is Marlon's basis in the vacant land? 6. O a $500 recognized gain and $7,500 basis b. $2,300 recognized gain and $10,100 basis O c. $500 recognized gain and $7,000 basis O d. 0 recognized gain and $10,100 basis Determine the tax consequences of an exchange (not sale) of like-kind properties when only like-kind property is received - Criteria 3/4. 5. Jackson who is not a dealer in real estate, exchanges an office building held for investment with an adjusted basis of $6,200, for vacant land to be held for investment with FMV of $7,500. He also paid $800 in cash. 5. How much of the gain is recognized and what is Jackson's basis in the vacant land? Oa. $500 recognized gain and $7,500 basis b. $1,300 recognized gain and $6,200 basis O c. $500 recognized gain and $7,000 basis O d. $0 recognized gain and $7.000 basis 4 Objective C-3-1 continued... 6. Marlon who is not a dealer in real estate, exchanges an apartment building held for investment with an adjusted basis of $9,200, for vacant land to be held for investment with FMV of $11,500. He also paid $900 in cash. How much of the gain is recognized and what is Marlon's basis in the vacant land? 6. O a $500 recognized gain and $7,500 basis b. $2,300 recognized gain and $10,100 basis O c. $500 recognized gain and $7,000 basis O d. 0 recognized gain and $10,100 basis

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