Lewis Lamont owns a yacht (personal use) that has a fair market value of $220,000...
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Accounting
Lewis Lamont owns a yacht (personal use) that has a fair market value of $220,000 and an adjusted basis of $310,000. His AGI in the current year is $150,000. Calculate Lewiss realized and recognized gain or loss on the yacht if:
a. Lewis sells the yacht for $220,000.
b.Lewis exchanges the yacht for another worth $220,000.
c.The yacht burns and is completely destroyed and Lewis receives insurance proceeds of $200,000.
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