Geraldine Berry exchanged her investment use real property for a larger piece of investment use...
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Accounting
Geraldine Berry exchanged her investment use real property for a larger piece of investment use property. At the time of the exchange, the fair market value(FMV)of the property she traded was 45 000 and her adjusted basis in this property was 24 000. She also provided 8,000 cash. In the exchange. she received investment use property with an FMV of 53,000. What is Geraldine's gain realized and the gain recognized on the exchange? 0 and 21,000, 8,000 and 32,000, 21,000 and 0, or 32,000 and 8,000.
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