Charles exchanged land used in his business plus 26,000 in cash for like-kind real estate. Charles had an adjustment basis in the land of 27,000 and its fair value was 32,000 at the date of exchange. the new property that Charles received had a fair value of 58,000. What is Charles's recognized gain on this exchange and his tax basis of the new property he received?

Charles exchanged land used in his business plus 26,000 in cash for like-kind real estate. Charles had an adjustment basis in the land of 27,000 and its fair value was 32,000 at the date of exchange. the new property that Charles received had a fair value of 58,000. What is Charles's recognized gain on this exchange and his tax basis of the new property he received?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges

Section: Chapter Questions

Problem 80P

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