Business, 16.11.2019 01:31 maqle

For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer.

note: if an amount is zero, enter "0.

a. bonnie sells parchment, inc. stock (adjusted basis $17,000) to phillip, her brother, for its fair market value of $12,000.

b. amos sells land (adjusted basis $85,000) to his nephew, boyd, for its fair market value of $70,000.

c. susan sells a tax-exempt bond (adjusted basis $20,000) to her wholly owned corporation for its fair market value of $19,000.

d. ron sells a business truck (adjusted basis $20,000) that he uses in his sole proprietorship to his cousin, agnes, for its fair market value of $18,500.

e. martha sells her partnership interest (adjusted basis $175,000) in pearl partnership to her adult daughter, kim, for $220,000.

how to compute the buyer's adjusted basis?

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