undefined

2 Firm M exchanged an old asset with a $14,700 tax basis and a $36,000 FMV for a new asset worth $26,000 and $10,000 cash. 16.66 points Required: a. If the exchange is nontaxable, compute Firm M's realized and recognized gain and tax basis in the new asset. b. How would your answers change if the new asset were worth only $14,500, and Firm M received $21.500 cash in the exchange? Complete this question by entering your answers in the tabs below. eBook Required A Required B Print If the exchange is nontaxable, compute Firm M's realized and recognized gain and tax basis in the new asset. References Amount Realized gain Recognized gain Tax basis