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What are Kareem realized and recognized gain or loss

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Problem - Kareem owns a pickup truck that he uses exclusively in his business. The adjusted basis is $22,000, and the fair market value is $14,000. In March 2019, Kareem exchanges the truck for another truck (worth $14,000) that he will use exclusively in his business.

Required -

a. What are Kareem's realized and recognized gain or loss?

b. What is his basis in the new truck?

c. What are the tax consequences to Kareem in parts (a) and (b) if he used the old truck and will use the new truck exclusively for personal purposes?

Reference no: EM132659937

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