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Tax Implications of a Like-kind Exchange

by | Nov 29, 2023 | Posted Questions

Tax Implications of a Like-kind Exchange

Kevin exchanges an office building used in business for one
owned by Charlene. The FMV of Kevin’s building is $280,000 (basis $150,000) and
it is subject to a mortgage of $50,000, which is assumed by Charlene. Kevin
receives $30,000 cash and Charlene’s office building, which has a FMV of
$200,000 (basis of $180,000).

a. What is
the amount of gain realized by Kevin?

b. What is
the amount of gain recognized by Kevin?

c. What is
the basis of the new building to Kevin?
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