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Sheena Maskell Sheena Maskell
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7 years ago
Olivia exchanges land with a $50,000 basis and marketable securities with a $20,000 basis for Dawn's land with a $110,000 FMV in a transaction that otherwise qualifies as a like-kind exchange. The FMV of the land and marketable securities exchanged by Olivia is $70,000 and $40,000 respectively.
a.   What is the amount of gain recognized by Olivia?
b.   What is the amount of Olivia's basis in the land?
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
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MsLippyMsLippy
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