Question 8. 8. (TCO 11) If boot is received in a § 1031 like-kind exchange and g

Question

Question 8. 8. (TCO 11) If boot is received in a § 1031 like-kind exchange and gain is recognized, then which formula correctly calculates the basis for the like-kind property received? (Points : 2)

       Adjusted basis of like-kind property surrendered + gain recognized - fair market value of boot received
       Fair market value of like-kind property surrendered + gain recognized - fair market value of boot received
       Fair market value of like-kind property received - postponed gain
       A and C
       None of the above

Question 8. 8. (TCO 11) If boot is received in a § 1031 like-kind exchange and gain is recognized, then which formula correctly calculates the basis for the like-kind property received? (Points : 2)

Explanation / Answer

Fair market value of like-kind property surrendered + gain recognized + fair market value of boot received.

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