Katrina owns undeveloped land with an adjusted basis of $320,625. She exchanges it for other undeveloped land
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Question:
Katrina owns undeveloped land with an adjusted basis of $320,625. She exchanges it for other undeveloped land worth $712,500. Assume that Katrina holds the land as an investment.
a. Katrina's realized gain is $_______ and her recognized gain is $______.
b. Katrina's basis in the undeveloped land she receives is $______.
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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