1. You transfer land with a basis of $45000 and securites with a FMV of $4000

1. You transfer land with a basis of $45000 and securites with a FMV of $4000 (basis $1000). You receive a building with a FMV of $100000 and an auto with
a FMV of $6000.

Realized gain______? Recognized gain_____? Basis of building_____? Basis of auto_______?

2. You transfer land with a basis of $12000 and receive a building with a FMV of $7000 and cash of $9000.

Realized gain______? Recognized gain_____? Basis of building_____?

3. You bought some land for $60000. You sold the land for a $40000 down payment and an installment note of $130000 to be received next year.

Gross profit=_________ Contract price=_________ Gross profit %___________ Taxable income reported year of sale_____?

4. . You bought some land for $50000. You had a mortgage of $14000. You sold the land for a $30000 down payment and an installment note of $90000 to be
received next year. The buyer assumed your mortgage.

Gross profit=_________ Contract price=_________ Gross profit %___________ Taxable income reported year of sale_____?

5. Yoy transfer land with a basis of $20000 and cash of $6000 and received a building with a FMV of $35000.

Realized gain______? Recognized gain_____? Basis of building_____?

6. You transfer land with a basis of $43000 and receive a building with a FMV of $35000 and cash of $10000.

Realized gain______? Recognized gain_____? Basis of building_____?

7. You transfer land with a basis of $33000 and receive a building with a FMV of $65000 and an attached mortgage of $18000 and securities with a FMV of
$7000 (basis of $5000). You assume the mortgage on the building.

Realized gain______? Recognized gain_____? Basis of building_____? Basis of securities_______?

8. You transfer land with a basis of $35000 which has a mortgage attached of $16000 and receive a building with a FMV of $85000 and an attached mortgage of
$19000. You both assume one anothers mortgage.

Realized gain______? Recognized gain_____? Basis of building_____?

9. You transfer land with a basis of $25000 which has a mortgage attached of $9000 and receive a building with a FMV of $50000 and cash of $4000. New
owner assumes mortgage.

Realized gain______? Recognized gain_____? Basis of building_____?

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