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 > Accounting Posted 28 Jul 2017 My Price 6.00

Johnathan exchange land,

37.              Logan and Johnathan exchange land, and the exchange qualifies as like kind under  §  1031.  Because  Logan’s  land  (adjusted  basis  of  $85,000)  is  worth

$100,000 and Johnathan’s land has a fair market value of $80,000, Johnathan   also

gives Logan cash of $20,000.

a.      What is Logan’s recognized gain?

b.     Assume instead that Johnathan’s land is worth $90,000 and he gives Logan

$10,000 cash. Now what is Logan’s recognized gain?

Answers

Maurice Tutor
(5)
Status NEW Posted 28 Jul 2017 08:07 PM My Price 6.00

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