Purchase Solution

Realized Gain or Loss

Not what you're looking for?

Ask Custom Question

12. Ethyl owns an apartment house that has an adjusted basis of $950,000 but is subject to a mortgage of $240,000. She transfers the apartment house to Bert and receives from him $150,000 in cash and an office building with a fair market value of $975,000 at the time of the exchange. Bert assumes the $240,000 mortgage on the apartment house.

a. What is Ethyl's realized gain or loss?
b. What is her recognized gain or loss?
c. What is the basis of the newly acquired office building?

See the attached file.

Attachments
Purchase this Solution
Solution Summary

Realized gain or losses are discussed.

Solution Preview

FMV of property Received 975,000
Cash 150,000
Mortgage ...

Purchase this Solution
Free BrainMass Quizzes
Social Media: Pinterest

This quiz introduces basic concepts of Pinterest social media

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Understanding Management

This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

View More Free Quizzes
Related BrainMass Solutions

  • Marta and Luka: gain or loss

    Calculate Luka's realized gain or loss, recognized gain or loss, and deferred gain or loss on all parts of the transaction. Realized gain is $20,000 Recognized gain is $20,000 Deferred gain is -0- d.

  • Realized and Recongized Gain or Loss

    Basis in the stock = $5000 This solution provides steps to determine realized and recognized gain or loss.

  • Corporation of Deferred Tax Assets or Liability

    gain or loss: $500,000-$275,000 = $225,000 Cassidy's realized gain or loss: $350,000-$175,000 = $125,000 Parker recognized gain or loss: $0 Cassidy's recognized gain or loss: $0 Question 2 Tax deductions: 44,000+40,000=84,000 Financial deductions

  • Realized and recognized gain or loss in exchange

    Determine Debbie's and Elizabeth's realized gain or loss, recognized gain or loss, and the basis in their new property. See table attached.

  • Irene owns a truck costing $15,000 and used for personal act

    What is Irene's realized gain or loss if the truck is sold for $5,000 after claiming depreciation of $4,000? 9600 - 4000 = 5600 - 5000 = $600 gain a.

  • Realized gain or loss

    If he sells the stock for 65,000, he realizes a gain of 15,000(=65,000-50,000) but he recognized no gain because of the disallowed loss to his father. Realized gain or losses are examined.

  • Tax - Deferred Exchange

    Realized vs recognized A realized gain or loss results whenever you sell an asset more or less than what it costs you to acquire it in the first place. A recognized gain or loss is a gain or loss that you can apply against your taxes.

  • Realization of Gain or Loss

    Question A Realized gain = $160,000 - $84,000 = 76,000 The gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the adjusted basis provided in section 1011 for determining gain, and the loss shall

  • Realized vs recognized gain on sale, adjusted basis

    What is Ezra's realized gain or loss and his recognized gain or loss on the June 12, 2010 sale? What is his basis in the stock from the June 30 purchase? 2.

View More Related Solutions