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P3.A: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 3,000,000....

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Accounting

P3.A: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 3,000,000. If this transaction is taxable what is the:

Realized gain/ loss:

Recognized gain/ loss:

Basis in new asset:

P3.B: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 3,000,000. If this transaction is deferred under like kind what is the:

Realized gain/ loss:

Recognized gain/ loss:

Basis in new asset:

P3.C: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 3,000,000. He also gets $250,000 in cash (plus the new asset). If this transaction is deferred under like kind what is the:

Realized gain/ loss:

Recognized gain/ loss:

Basis in new asset:

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