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Business, 30.03.2020 18:47 china236

Bob owns a duplex used as rental property. The duplex has a basis of $86,000 and $300,000 FMV. He transfers the duplex to Cindy, his sister, in exchange for a triplex that she owns. The triplex has a basis of $279,000 and a $300,000 FMV. Two months after the exchange, Cindy sells the duplex to a business associate for $312,000. Determine: a. Bob’s realized and recognized gain on the exchange. b. Cindy’s realized and recognized gain on the exchange. g

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Bob owns a duplex used as rental property. The duplex has a basis of $86,000 and $300,000 FMV. He tr...
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