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What are Katrina realized and recognized gain or loss

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Problem - Katrina owns undeveloped land with an adjusted basis of $300,000. She exchanges it for other undeveloped land worth $750,000.

Required -

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

b. What is Katrina's basis in the undeveloped land she receives?

c. Would the answers in parts (a) and (b) change if Katrina exchanged the undeveloped land for land and a building? Explain.

Reference no: EM132659912

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