[MustPass1988]

For some reason, Rogers and Wiley don’t really cover like kind exchanges where you assume a mortgage that is greater than the one that you give up. If this happens, you would not include the amount in the gain calculation, correct? And is the basis calculation still:

A/B of old

+liabilities assumed

+gain recognized

-liabilities on old

-cash/boot received

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[Zaq]

Gain recognized is the LESSER:

1.) Gain realized OR

2.) Boot received (cash received or liabilities assumed by other party)

Remember, that boot received is NOT the net of boot received + boot paid. I believe this is the right.

Also, the basis of the new property is:

NBV of Property Given Up + Boot Paid + Gain Recognized – Boot Received

Boot Paid = Cash given/liabilities assumed

Boot Rec'd = Cash received/liabilities assumed by other party

FAR: 50, 76!
REG: 74... (ouch baby, very ouch), 76!
AUD: 65, 91!?
BEC: 80! Aaaand doneskies!

May 2012 to August 2013. Can't believe it's over.

[gobias]

I'm pretty sure you do net boot paid/rcvd usually. I know you do for cancellation/assumption of debt. I think the only scenario where you don't net them is if you receive cash boot and pay debt boot. Can anyone confirm?

F - 86
R - 90
A - 97
B - 91

[Author]

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