.Nelson owns a personal use boat that has a fair market value of $35,000 and...
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Accounting
.Nelson owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. Nelsons AGI is $100,000. Calculate the realized and recognized gain or loss if
: a. Nelson sells the boat for $35,000.
b. Nelson exchanges the boat for another boat worth $35,000.
c. The boat is stolen and Nelson receives insurance proceeds of $35,000.
d. Would your answer in (a) above change if the fair market value and the selling price of the boat were $48,000?
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