Response to the following problem:
Like-Kind Exchange: Boot. Determine the realized gain or loss, the recognized gain or loss, and the basis of the equipment received for the following like-kind exchanges:
|
Basis of Equipment Exchange
|
FMV of
Boot Received
|
FMV of
Equipment Received
|
|
$20,000
|
$ -0-
|
$85,000
|
|
45,000
|
14,000
|
70,000
|
|
60,000
|
25,000
|
65,000
|
|
70,000
|
38,000
|
60,000
|
|
90,000
|
22,000
|
55,000
|