Nick Smith purchased some property in St. Peter, MN, for $150,000 on January 1,2013, which...
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Nick Smith purchased some property in St Peter, MN for $ on January which he has consistently held for investment purposes. In this property has a fair market value of $ During this year, Nick Smith was approached by a real estate agent representing a client who desires to exchange a parcel of land he owns in Pleasant View, Iowa current Fair Market Value of $ for the St Peter, Minnesota property owned by Nick Smiththe Minnesota and Iowa properties are of likekind. Both parties verbally agreed to enter negotiations to exchange the respective property.
a What is Nicks realized gain or loss, recognized gain or loss, basis and holding period in the Iowa property if the two parties exchange properties Minnesota and Iowa
b What is Nicks realized gain or loss, recognized gain or loss, basis and holding period in the Iowa property if the two parties exchange properties Minnesota and Iowa and Nick receives $ cash as part of the transaction?
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