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Compute sara basis in the acres of investment land

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Reference no: EM133188851

Question - Sara, a noncorporate taxpayer, exchanged residential rental property plus $15,500 cash for 20 acres of investment land with a $254,000, Sara used the straight-line method to compute depreciation on the rental property.

Required -

1. Assuming that Sara exchange was negotiated at arm's length, what is the FMV of the rental property?

2. If the adjusted basis of the rental property is $231,000, compute Sara realized and recognized gain.

3. Compute Sara basis in the 20 acres of investment land.

Reference no: EM133188851

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