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Teton would like to trade land worth $40,000 (adjusted basis of $15,000), for a different...

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Accounting

  1. Teton would like to trade land worth $40,000 (adjusted basis of $15,000), for a different piece of land worth $40,000. How much gain does Teton immediately recognize on this exchange?

  1. b. What is Tetons basis in the new land?

2. Suppose Teton would like to trade land worth $40,000 (adjusted basis of $15,000), for a different piece of land worth $37,000. To equate the value of property exchanged, the other party also pays Teton $3,000. How much gain does Teton recognize on this exchange?

b. What is Tetons basis in the new land?

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