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Business, 07.04.2020 04:56 Chealyn

Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On January 4, 2019, she exchanges it with Lisa Martin (an unrelated party) for undeveloped land on the West Coast and $3,000 cash. Lisa has an adjusted basis of $72,000 for her land, and its fair market value is $89,000. Because the real estate market on the East Coast is thriving, on September 1, 2020, Lisa sells the land she acquired for $120,000.

On January 4, 2019, Tanya's realized gain for the WestWest Coast is $ , her recognized gain is $ , and her adjusted basis is $ ,

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Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on...
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