Determine the realized, recognized, and postponed gain or loss and the new basis for each of the following like kind exchanges:
|
Adjusted Basis |
Boot Given |
Fair Market Value |
Boot |
|
|
a. |
$ 7,000 |
$ –0– |
$12,000 |
$4,000 |
|
b. |
14,000 |
2,000 |
15,000 |
–0– |
|
c. |
3,000 |
7,000 |
8,000 |
500 |
|
d. |
22,000 |
–0– |
32,000 |
–0– |
|
e. |
10,000 |
–0– |
11,000 |
1,000 |
|
f. |
10,000 |
–0– |
8,000 |
–0– |