Question: please help me. your answer will be appreciated 1. On September 30 th of the current year, using cash from the sale of their large

please help me. your answer will be appreciated

1. On September 30th of the current year, using cash from the sale of their large home, a married couple purchased a smaller home in a very safe neighborhood, located at 333 Good Times Drive, Cedar City, UT 84720, costing $190,000.

What is the Amount Realized, Adjusted Basis, Realized Gain/Loss, Deferred Gain/Loss, Exclusion or Disallowance, Recognized Gain/Loss, and holding period for this transaction?

2. Because they were uncomfortable with owning the remaining 20 acres of land abutting the Iron County property they decided to exchange it for more suitable investment property on the mountain. After a long search they discovered a 2 acre lot heavily forested with aspen and spruce trees. On May 1st of the current year they contracted with a qualified intermediary and gave him written notice identifying the two acres. The lot was worth $20,000. Using the qualified intermediary they exchanged the 20 acres of grazing land for the 2 acres of forest land. They received cash of $8,568 in the exchange. The transaction was completed on June 1st of the current year.

What is the Amount Realized, Adjusted Basis, Realized Gain/Loss, Deferred Gain/Loss, Exclusion or Disallowance, Recognized Gain/Loss, and holding period for this transaction?

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