Business, 24.04.2020 18:56 golderhadashaowtatz
Elliot Mess exchanged a 12-unit apartment complex with Alfred Cappy for a 100-space mini warehouse property. Elliot also received cash of $5,000. The transaction is as follows:
Apartments:
Fair market value $ 480,000
Liability assumed by Alfred 200,000
Adjusted basis to Elliot 280,000
Mini warehouses: Fair market value $ 515,000
Liability assumed by Elliot 240,000
a. How much is Elliott's gain or loss recognized?
b. How much is Elliott's basis in the mini-warehouses?
Answers: 3
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Elliot Mess exchanged a 12-unit apartment complex with Alfred Cappy for a 100-space mini warehouse p...
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