What is the basis of the new property in each of the following exchanges? New Pr

Question

What is the basis of the new property in each of the following exchanges? New Property Basis Apartment building held for investment (adjusted basis of $145,000) for office building to be held for investment (fair market value of $225,000). a. b. Land and building used as a barbershop (adjusted basis of $190,000) for land and building used as a grocery store (fair market value of $350,000). Office building (adjusted basis of $45,000) for bulldozer (fair market value of $42,000), both held for business use. c. d. IBM common stock (adjusted basis of $20,000) for ExxonMobil common stock (fair market value of $28,000). Rental house (adjusted basis of $90,000) for mountain cabin to be held for rental use (fair market value of $225,000) e. f. General partnership interest (adjusted basis of $400,000) for a limited partnership interest (fair market value of $580,000).

Explanation / Answer

a) Apartment buidling held for investment :$ 145,000

b) Land and building used as barbershop: $ 190,000

c) Office building for bulldozer: $ 42000

d) IBM Common Stock for ExxonMobil Common stock: $ 28000

e) Rental house for mountain cabin : $225,000

f) General partnership interest : $580,000

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