Katrina owns undeveloped land with an adjusted basis of $275,625. She exchanges it for other...
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Accounting
Katrina owns undeveloped land with an adjusted basis of $275,625. She exchanges it for other undeveloped lands worth $612,500. Assume that Katrina holds the land as an investment.
If an amount is zero, enter "0".
a. What are Katrina's realized and recognized gain or loss? Her realized gain is.................. $fill in the blank and her realized gain is ..................$fill in the blank
b.What is Katrina's basis in the undeveloped land she receives? $.......................
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