X Corporation exchanged a warehouse located in New York for a warehouse located in New...
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Accounting
X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey. The adjusted basis of the New York warehouse was $30,000. The fair market value of the New Jersey warehouse just prior to the exchange was $25,000. In addition to the warehouse, X Corporation also received $8,000 in cash.
54. The amount realized by X Corporation is:
| a. | $8,000 | |
| b. | $33,000 | |
| c. | $25,000 | |
| d. | Zero | |
| e. | None of the above |
The gain realized by X Corporation is:
| a. | $5,000 | |
| b. | Zero | |
| c. | $3,000 | |
| d. | None of the above |
The gain recognized by X Corporation on the exchange is:
| a. | $8,000 | |
| b. | $3,000 | |
| c. | Zero | |
| d. | None of the above |
The basis for X Corporation in the property received, the warehouse in New Jersey, is:
| a. |
$33,000
| |
| b. |
$30,000
| |
| c. |
$25,000
| |
| d. | None of the above |
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