Business, 12.10.2020 01:01 znation1324
Tanya Fletcher owns undeveloped land (adjusted basis of $80,000 and fair market value of $92,000) on the East Coast. On January 4, 2017, 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. As the real estate market on the East Coast is thriving, on September 1, 2018, Lisa sells the land she acquired for $120,000.If an amount is zero, enter "0".a. On January 4, 2017, Tanya's realized gain for the West Coast land is $, her recognized gain is $, and her adjusted basis is $.b. On January 4, 2017, Lisa's realized gain for the East Coast land is $, her recognized gain is $, and her adjusted basis is $.c. Lisa's realized gain from the September 1, 2018, sale is $. Her recognized gain from the September 1, 2018 sale is$.d. What effect does Lisa's 2018 sale have on Tanya?Lisa’s sale of the East Coast land has for Tanya. e. Complete the letter to Tanya advising her of the tax consequences of this exchange.
Answers: 1
Business, 22.06.2019 02:50, isbella29
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%of the world's population controls approximately % of the world's finances (the sum of gross domestic products)" quizlket
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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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