Hoffman, Young, Raabe, Maloney, & Nellen, CPAs 5191 Natorp Boulevard
Mason, OH 45040
January 14, 2017
Ms. Tanya Fletcher
The Corral
El Paso, TX 79968
Dear Ms. Fletcher:
You asked about the tax consequences of the January 4, 2017 land exchange with Lisa Martin. Based on the data provided, the tax consequences are as follows:
Amount realized $
Less: adjusted basis
Equals: realized gain $
Recognized gain $
Because the transaction as a nontaxable like-kind exchange, only $ of your potential gain of $ is recognized. The adjusted basis for the land received is $.
If I can be of further assistance, please let me know.
Sincerely,
Margaret Adams, CPA
Tax Partner

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