I came across this scenario while I am learning, this involved filling in the form 8824, 4797, Schedule D capital transaction and ordinary for 1120. I do not know if someone can help?

Like-Kind Exchanges. During the year, the company made 2 like-kind exchanges. These transfers were not with a related party.

Like Kind Exchange A, West.

West and another company agreed to exchange buildings. West gave up a building on Sharpless Street and received a building on Chestnut Street. This occurred on 9/1/21 and can be considered as the date the property was transferred, identified, and received. Both buildings were furnished, and the parties agreed it would be simpler to leave the furniture behind for the other party to keep, instead of moving the furniture back and forth.

West surrendered the following:

• The building on Sharpless Street (FV 300,000), originally purchased for 320,000 on 12/14/2011 and depreciated for tax purposes by 100,000 as of the date of the exchange.

• Furniture in the building on Sharpless Street (FV 25,000), originally purchased for 40,000 on 4/13/2017 and depreciated for tax purposes by 22,000 as of the date of the exchange.

• Cash 2,000.

West received the following:

• The building on Chestnut Street (FV 304,000).

• The furniture in the building on Chestnut Street (FV 23,000).

Like Kind Exchange B, West.

West surrendered an office building in West Goshen and in exchange received an office building in Kennett Square. This occurred on 6/29/2021 and can be considered as the date the property was transferred, identified, and received.

West surrendered the following:

• The building in West Goshen (FV 405,000), originally purchased for 440,000 on 5/14/2016 and depreciated for tax purposes by 55,000 as of the date of the exchange.

West received the following:

• The building in Kennett Square (FV 415,000). This building has a 35,000 mortgage attached to it that will be assumed by West.

• Computers in the building left behind by the other party (FV 25,000).

Other Property Disposals, West.

West Company engaged in other significant long-term property disposals during 2021.

1. Land purchased on 6/10/2013 for 189,000. The land was sold for 194,000 on 11/02/2021.

2. An office building purchased on 4/23/2013 for 180,000. Total tax depreciation at the time of sale was 50,000. The building was sold for 200,000 on 2/14/2021.

West has a potentially applicable 29,000 nonrecaptured net 1231 loss.

Sales of Investments, West.

During the year, West Company sold various stock and bond investments. One of the tax interns in your office already separated them into short term and long term and provided summary totals for you. You can rely on her work.

You can assume that all the of the investment sales were reported to the IRS on 1099-B and there are no adjustments necessary and the company chose not to use a Form 8949. You do not need to prepare the 1099-B or the 8949.

Net Results from Sales of Investments:

	Purchase Price	Sales Price
Short Term Gains	130,000	138,000
Short Term Losses	33,000	28,000
Long Term Gains	4,000	7,000
Long Term Losses	45,000	23,000

West has unused capital losses generated within the last two years totaling 1,200.