(9) In a liquidating distribution Christine Chapel receives cash of $35,000 and land, which the partnership had a basis of $75,000 and FMV of $98,667. Christine's basis in her interest is $115,000. (a) What is her gain or loss on the distribution? What is her basis in the land? (b)
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- For items 3-4. Mang Kiko transferred a property with a fair value of P1,000,000. Title to the property was stipulated to be transferred immediately. Subsequently, Mang Kiko died. The property was worth P800,000 at the date of his death. 3. Which of the following is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000. 4. Assuming instead that legal title to the property was reserved by Mang Kiko until death, which is CORRECT? a. The property is subject to donor’s tax at P1,000,000. b. The property is subject to donor’s tax at P800,000. c. The property is subject to estate tax at P800,000. d. The property is subject to estate tax at P1,000,000.Theresa Perry exchanged her investment-use real property for a larger piece of investment-use property. At the time of the exchange, the fair market value (FMV) of the property she traded was $55,000, and her adjusted basis in this property was $27,000. She also provided $11,000 cash. In the exchange, she received investment-use property with an FMV of $66,000.What is Theresa's gain realized and the gain recognized on the exchange? $0 and $28,000 $11,000 and $38,000 $28,000 and $0 $38,000 and $11,000a) Arijit sold a piece of land for $ 110,000 cash. Arijit originally purchased the land for 68,000 and there are no liens or other obligations attached to the land. What is the gain or loss that Arijit will recognize for income tax purposes? b) If Arijit had sold the land for $ 110,000 for which he had paid $ 144,000 and the buyer also assumed a $ 30,000 note payable attached to the land what would be Arijit's gain or loss from the sale?
- Russell Corporation sold a parcel of land valued at $400,000. Its basis in the land was $275,000. For the land, Russell received $50,000 in cash in yar 0 and a note providing that Russell will receive $175,000 in year 1 and $175,000 in yar 2 from the buyer. What is Russell’s realized gain on the transaction? What is Russell’s realized gain in year 0, year 1, and year 2?Lily exchanges land used in her business for a different parcel of land to be used in her business. Her adjusted basis for the land is $325,000 and the fair market value is $310,000. The fair market value of the new parcel of land is $300,000. In addition, Lily receives cash of $10,000. Calculate Lily’s realized and recognized gain or loss and her adjusted basis for the assets received.Rachel Weitzman's basis in investment-use land was $15,000. She received a gross condemnation award of $17,500. Her net condemnation award was $12,250. She purchased replacement property at a cost of $18,000. What is Rachel's basis in the replacement property? $2,500 $15,000 $15,500 $18,000
- kk. Subject :- Accounting Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land in Indiana with a FMV of $80,000 and $20,000 cash. Both parcels of land will be used in Michelle's trade or business. What is Michelle's recognized gain or loss?(10) In a liquidating distribution, Janice Rand receives cash of $40,000, inventory (basis of $18,000 and FMV of $27,566) and land (basis of 15,000 and FMV of $250,000). Her basis in her interest of Yeoman LLC is $80,000. (a) What is her gain or loss on the distribution? (b) What is her basis in the inventory? (c) What is her basis in the land? (d) What if Yeoman LLC only distributed the cash and the inventory to Janice in exchange for her partnership interest? How much gain or loss will she recognize and what would be her basis in the inventory?oshua owns undeveloped land that has an adjusted basis of $45,000. He exchanges it for other undeveloped land with an FMV of $70,000. Required: What are his realized and recognized gain or loss on the exchange? Note: If no gain or loss is recognized, select "No gain or loss". What is his basis in the acquired land?