Question: Problem 7-33 (a) (LO. 5) Determine the realized, recognized, and postponed gain or loss, as well as the new basis for each of the following

Problem 7-33 (a) (LO. 5) Determine the realized, recognized, and postponed gain or loss, as well as the new basis for each of the following qualified like kind exchanges: If an amount is zero, enter "0". Adjusted Basis of Old Asset Fair Market Value of New Asset Boot Received Boot Given SO 5,000 22,000 $6,000 b. $13,000 26,000 90,000 5,000 0 c. 13,000 $18,000 24,000 63,000 11,000 49,000 53,000 d. 0 0 38,000 0 2,000 65,000 0 0 Adjusted Basis of Old Asset Gain/Loss Realized Recognized Postponed New Basis a. $13,000 Gain b. $26,000 Loss C. $90,000 LOSS d. $5,000 DIA llll Gain e. $38,000 Gain 1. $65,000 LOSS

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