haleyissocool2175 haleyissocool2175

27-12-2022
Business

Answered

Nancy and Tonya exchanged assets. Nancy gave Tonya her personal residence with an adjusted basis of $280,000 and a fair market value of $560,000. The house has a mortgage of $200,000 which is assumed by Tonya. Tonya gave Nancy a yacht used in her business with an adjusted basis of $250,000 and a fair market value of $360,000.
What is Tonyaâs realized gain/loss?
What is Tonyaâs recognized gain/loss?

Answer :

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