Nancy and Tonya exchanged assets. Nancy gave Tonya her personal residence with an adjusted basis of $280,000 and a fair market value of $560,000 . The house has a mortgage of $200,000 which is assumed by Tonya. Tonya gave Nancy a yacht used in her business with an adjusted basis of $250,000 and a fair market value of $360,000 . What is Tonya's realized and recognized gain?
a. $310,000 realized and $310,000 recognized gain.
b. $310,000 realized and $0 recognized gain.
c. $110,000 realized and $110,000 recognized gain.
d. $110,000 realized and $0 recognized gain.
e. None of the above.
c
You might also like to view...
Which of the following is true of private-label brands?
A. Products developed and marketed by a retailer and available only from that retailer B. Products developed and available with a retailer but marketed by a third party C. Products developed and marketed by a retailer and available with other retailers D. Products developed by a retailer but marketed and available with a third party E. Products developed by a third party but marketed and available with a retailer
Answer the following statements true (T) or false (F)
1. Forces for change include the environment, technology cycles, and next generation. 2. New machines and equipment, information processing, and automation are examples of changes based on technology. 3. There are four types of change. 4. When tasks change, people’s compensation and job titles must change.
The singular possessive form of the word "broker" is _____
Fill in the blank(s) with correct word
An entrepreneur would like to buy a piece of equipment for his business. The equipment cost
$75,000 and will increase cash flow by $12,000 each year for 15 years. What is his IRR? A) 8.00% B) 13.65% C) 12.25% D) 10.92%