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

Jason started last week with $900 in his checking account. during the week, he wrote the checks below. at the end of the week, jason received a paycheck for $534.59. he recorded all of these transactions in his check register. trans typ./ check no. date description of transaction payment/ debit deposit/ credit (+) balance 900 00 241 12/4 miller's food market 53.21 53 21 groceries 846 79 242 12/7 frank's auto parts 24.05 24 05 oil and filter 822 74 243 12/8 mike's barber shop 15.00 15 00 haircut 807 74 deposit 12/9 paycheck 534.59 534 59 1,342 33 evaluate jason's check register. a. jason did a good job; everything is correct. b. the final balance is wrong; jason did not add everything correctly. c. jason should have written debit instead of deposit for the transaction type. d. jason entered the amount for his paycheck in the wrong column.