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Business, 04.12.2019 00:31 BreBreDoeCCx
Logan and johnathan exchange land and the exchange qualifies as like-kind under § 1031. because logan's land (adjusted basis of $85,000) is worth $100,000 and johnathan's land has a fair market value of $80,000, johnathan also gives logan cash of $20,000.
a. what is logan's recognized gain?
b. assume instead that johnathan's land is worth $90,000 and he gives logan $10,000 cash. now, what is logan's recognized gain?
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Logan and johnathan exchange land and the exchange qualifies as like-kind under § 1031. because loga...
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