Brett sold land he had held for 8 years valued at $210,000 in Year 1. His original basis in the land was $180,000. For the land, Brett received $60,000 in cash in the current year and a note providing $150,000 in the following year.
Year 1
Realized Gain/Loss
Recognized Gain/Loss
Basis in New
year 2
Realized Gain/Loss
Recognized Gain/Loss
Basis in New
Answers
Answered by
1
Answer:
Brett sold land he had held for 8 years valued at $210,000 in Year 1. His original basis in the land was $180,000. For the land, Brett received $60,000 in cash in the current year and a note providing $150,000 in the following year.
Year 1
Realized Gain/Loss
Recognized Gain/Loss
Basis in New
year 2
Realized Gain/Loss
Recognized Gain/Loss
Basis in New
hope this answer will help u
Similar questions