Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Feb 2018 My Price 5.00

Evelyn’s Excavating Service

LO4,6 Evelyn’s Excavating Service trades an excavator for a new backhoe. The exca- vator has a fair market value of $37,000 and an adjusted basis of $24,000. The back- hoe is worth $34,000. The owner of the backhoe, Susan, agrees to assume Evelyn’s

$8,000 loan on the excavator, and Evelyn’s pays $5,000 in cash in the exchange. Susan’s adjusted basis in the backhoe is $18,000.

a.    What are Evelyn’s Excavating Service’s realized and recognized gains or losses on the exchange and its basis in the backhoe?

b.    How much of the realized gain must Susan recognize on the exchange? What is her basis in the excavator?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Feb 2018 09:02 PM My Price 5.00

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