Question

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 ​

Answer 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 

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