Lorch Company exchanged real property with a $120,700 tax basis and a $155,000 FMV for...
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Accounting
Lorch Company exchanged real property with a $120,700 tax basis and a $155,000 FMV for a real property with a $142,250 FMV and $12,750 cash.
If the old asset and the new asset are like-kind properties, compute Lorch's realized and recognized gain and Lorch's tax basis in the new asset.
How would your answers change if the new asset is worth only $116,000, and Lorch received $39,000 cash in the exchange?
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