Logan and Johnathan exchange land, and the exchange qualifies as like kind under Â§ 1031. Because Logan's land (adjusted basis of $130,500) is worth $156,600 and Johnathan's land has a fair market value of $123,975, Johnathan also gives Logan cash of $32,625. a. Logan's recognized gain is $fill in the blank 1. b. Assume that Johnathan's land is worth $140,940 and he gives Logan $15,660 cash. Logan's recognized gain is ________

Question

02-04-2021
Business

Answered

Find expert answers and community insights on IDNLearn.com. Ask any question and receive comprehensive, well-informed responses from our dedicated team of experts.

Logan and Johnathan exchange land, and the exchange qualifies as like kind under Â§ 1031. Because Logan's land (adjusted basis of $130,500) is worth $156,600 and Johnathan's land has a fair market value of $123,975, Johnathan also gives Logan cash of $32,625. a. Logan's recognized gain is $fill in the blank 1. b. Assume that Johnathan's land is worth $140,940 and he gives Logan $15,660 cash. Logan's recognized gain is ________

Sagot :

Thank you for joining our conversation. Don't hesitate to return anytime to find answers to your questions. Let's continue sharing knowledge and experiences! Find reliable answers at IDNLearn.com. Thanks for stopping by, and come back for more trustworthy solutions.

What Preceded The Peace Treaty Between The Zapotecs And Aztecs? Many Years Of War Between The Two Sides Conquest By The Spanish Beginning Of Christianity In The

Bianca Has A Total Of 25 Cents. She Has Some Nickels And Pennies. How Many Different Combinations Of Nickels And Pennies Could Bianca Have? Make A Table To Solv

Which Enlightenment Philosopher Introduced The Idea That People Enter A Social Contract With The Purpose Of Maintaining Order In Society? Thomas Hobbes John Loc

Which Of The Following Contributions To The Theory Of The Conservation Of Energy Is An Observation Of A Biological System? A. Julius Von Mayer’s Observation Tha

What Preceded The Peace Treaty Between The Zapotecs And Aztecs? Many Years Of War Between The Two Sides Conquest By The Spanish Beginning Of Christianity In The

Which Describes The Major Cause Of The French And Indian War? A. arguments About The Prices Indians Were Paid For The Furs They Trapped For The British B. disag

In Order To Avoid Peer Pressure, It Is Important To Recognize __________.

Which Of These Structures Relies On The Circulatory System To Transport The Chemical Compounds That It Makes To Other Body Structures

Which Of The Following Would Be Violated If The United States Were To Annex Cuba Following A Conflict Between The Two Countries?

Write A Word Phrase For 5p

Abiolataiwo2015idn Abiolataiwo2015idn · Answer 1 · 2021-04-05T20:53:31-04:00

Answer:

A. $26,100

B. $15,660

Explanation:

Calculation to determine Logan recognized gain

A. Based on the information given in a situation where Johnathan's land is worth the amount of $123,975, Logan's recognized gain will be the amount of $26,100 which is the lesser of the amount realized as gain ($156,600 realized amount − $130,500 adjusted basis = $26,100) or the fairmarket value of the boot received amount of ($32,625)

Therefore Logan recognized gain will be $26,100

B. Based on the information given Ina situation were Johnathan's land is worth the amount of $140,940, Logan's recognized gain will be the amount of $15,660, the lesser of th amount realized as gain ($156,600 realized amount − $130,500 adjusted basis = $26,100) or the fairmarket value of the boot received of the amount of ($15,660).

Therefore Logan recognized gain will be $15,660

Sagot :

Other Questions