[jeff]

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Mamabear]

It is D Calculated:

FMV of property Received $250K

+ Cash Received $30K

+ Mortgage assumed $70K

= amount realized $350K

– Basis of property exchanged $160K

= Gain Realized $190K

Since the “boot” received includes both cash and the assumption of the mortgage, gain is recognized to the ext of the $100K of “boot” received.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

@wannabe It looks like you just forgot to mortgage relief of 70k to the boot of cash at 30k

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Tax lady]

I can't find any more like-kind questions. 🙁

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Mamabear]

I have a couple from the book. Let me just type them up real quick.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Mamabear]

On 10/01/13, Donald Anderson exchanged an apartment building having an adjusted basis of $375K and subject to a mortgage of $100K for $25K cash and another apartment building with a FMV of $550K and subject to the outstanding mortgages. What amount of gain should Anderson recognize in his tax return for 2013?

A $0

B $25K

C $125K

D $175K

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[WANNABE_CPA]

i just opened ninja mcq, i ll look up if i found Like kind exchange ques

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Tax lady]

@mama C?

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[WANNABE_CPA]

i think C too, if i treated mortgages right?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

his boot will be 125(100 mortgage relief + 25 ) right?

Then lesser of 300 or 125…125

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Tax lady]

@wannabe. That's exactly how I calculated it. Hopefully it's correct.

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[WANNABE_CPA]

Would like some gift questions as well?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Mamabear]

Be right back to explain–It's B

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Tax lady]

Ok, I can find plenty of those!

REG 8/15/14 (73); 11/13/14 (82)-expired 🙁
AUD 5/30/15 (80)
BEC 11/28/15 (75)
FAR 7/30/16

Studying with CPAexcel and Ninja notes/MCQ's/Flashcards

[Anonymous]

Mr. Albertson operates a business as a sole proprietorship. In Year One, he trades one of his depreciable assets with a tax basis of $32,000 and a fair value of $37,000 to another company for an asset that qualifies as being like-kind. This new asset has a fair value of $39,000. To even out the trade, Mr. Albertson also had to pay cash of $2,000. What is his tax basis for the new asset and what gain must he report on the exchange?

A $39,000 and $5,000

B $37,000 and $2,000

C $34,000 and zero

D $32,000 and $7,000

[WANNABE_CPA]

ohk then lets stick to like kind only. Perfect one at a time..

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Author]

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