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True or False. Wade is a salesman for a real estate development company. Because he...

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Accounting

True or False. Wade is a salesman for a real estate development company. Because he is the salesperson of the year, he is permitted to purchase a lot from the developer for $90,000. The fair market value of the lot is $150,000 and the developers adjusted basis is $100,000. Wade must recognize a gain of $10,000 ($100,000 developers adjusted basis $90,000 cost to Wade), and his adjusted basis for the lot is $100,000 ($90,000 cost + $10,000 recognized gain).

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