Business, 03.04.2021 04:20 cheervolley
Liam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. Liam's AGI is $100,000. Calculate the realized and recognized gain or loss assuming the boat is disposed of under the following independent scenarios: If an amount is zero, enter "0".
a. Liam sells the boat for $35,000.
b. Liam exchanges the boat for another boat worth $35,000. The realized Select loss gain Correct 1 of Item 2 is $ and the recognized Select loss gain Correct 3 of Item 2 is $.
c. The boat is stolen and Liam receives insurance proceeds of $35,000. Liam's realized is $.
d. Liam sells the boat. The fair market value and the selling price of the boat were $48,000. Liam's realized is $ and the recognized is $
Answers: 1
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Liam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,0...
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