Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the
Question:
a. What are Tanya's recognized gain or loss and adjusted basis for the West Coast land on January 4, 2015?
b. What are Lisa's recognized gain or loss and adjusted basis for the East Coast land on January 4, 2015?
c. What is Lisa's recognized gain or loss from the September 1, 2016 sale?
d. What effect does Lisa's 2016 sale have on Tanya?
e. Write a letter to Tanya advising her of the tax consequences of this exchange. Her address is The Corral, El Paso, TX 79968.
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Related Book For
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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