Requirement Determine the realized gain or loss, the recognized gain or loss, an

Question

Requirement Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for each like-kind exchange (Enter a loss with a minus sign or parentheses. Complete all answer boxes. Enter a "0" for any zero balances.) FMV of Boot Received Equipment Received Gain (Loss) FMV of Realized Recognized Gain (Loss) Basis of Equipment Received Basis of Equipment Exchanged $ 80,000 20,000 60,000 90,000 40,000 29,000 13,000 18,000 20,000 $95,000 85,000 65,000 50,000 25,000

Explanation / Answer

Realized Gain = Book received + Equipment received - Equipment exchanged

Recognized Gain = Lesser of boot received or realized gain

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