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What is jenny basis in the office building in california

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1. Jenny has an office building. She has an adjusted basis in the building of $100,000. Her brother, a doctor, owns an office building in California and agrees to trade buildings with her. The value of the office building in California is $300,000. If the exchange takes place this year,

a) How much of the gain must Jenny recognize this year because of the exchange?

b) What is Jenny's basis in the office building in California?

2. Barbara R. owns two lots of "JERRIE" stock. The first lot of 100 shares was purchased 15 years ago for $1,000. The second lot of 100 shares was purchased eleven years ago for $13,000. She wants to sell 75 shares and anticipates receiving $15,375. If she fails to use the specific identification method to her advantage, how much of the gain must she recognize?

Reference no: EM132678927

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