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Determine the realized, recognized, and postponed gain or loss, as well as the new basis for each of the following qualified like-kind exchanges
Determine the realized, recognized, and postponed gain or loss, as well as the new basis for each of the following qualified like-kind exchanges. Enter an item in each yellow box. If an amount is zero, enter "0". Adjusted Basis FMV of New Boot Given Boot Received of Old Asset Asset ??? ??? |???? ??? $75,000 14,000 82,000 1,000 160,000 21,000 $0 6,000 17,000 0 0 0 $84,000 12,000 77,000 8,000 175,000 17,000 $3,000 0 7,000 0 13,000 0 Gain/Loss Realized Recognized Postponed New Basis a. b. C. d. Adjusted Basis of Old Asset $75,000 14,000 82,000 1,000 160,000 21,000
Expert Solution
| Adjusted basis of old machine | Gain/Loss | Realized | Recognized | Postponed | New Basis | |
| a | $75,000 | Gain | $12,000 | $3,000 | $9,000 | $75,000 |
| b | $14,000 | Loss | $8,000 | $0 | $8,000 | $20,000 |
| c | $82,000 | Loss | $15,000 | $0 | $15,000 | $92,000 |
| d | $1,000 | Gain | $7,000 | $0 | $7,000 | $1,000 |
| e | $160,000 | Gain | $28,000 | $13,000 | $15,000 | $160,000 |
| f | $21,000 | Loss | $4,000 | $0 | $4,000 | $21,000 |
New Basis Calculation:
a) 84,000 - 9,000 = 75,000
b) 12,000 + 8,000 = 20,000
c) 77,000 + 15,000 = 92,000
d) 8,000 - 7,000 = 1,000
e) 175,000 - 15,000 = 160,000
f) 17,000 + 4,000 = 21,000
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