Wayne Wyatt exchanges business land with an adjusted basis of $300,000 and a fair market...
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Accounting
Wayne Wyatt exchanges business land with an adjusted basis of $300,000 and a fair market value of $600,000 for Fred Forbes's office building, worth $500,000, and $100,000 cash. Fred had an adjusted basis of $350,000 in the building
A. What is Wayne's realized and recognized gain or loss and the basis in the office building?
B. What is Fred's realized and recognized gain or loss and the basis in the land?
C. Assume no cash was received by Wayne and the office building was worth $600,000. What is Wayne's realized and recognized gain or loss and the basis in the office building?
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