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What is Jerry basis in the new house received

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Question - Grandpa purchased a house in New Hampshire 20 years ago for $30,000. When he died, an appraisal report showed that the house had a fair market value of $650,000. The house went to his Nephew Tom.

In a like-kind exchange, Tom exchanged the house with Jerry. Jerry's house at the time of the exchange had a fair market value of $450,000 and an adjusted basis of $325,000.

Required -

a- What is the reason why there is a boot in this exchange?

b- Who is PAYING the boot? Tom or Jerry?

c- How much is the boot?

d- What is Tom's Gain Realized?

e- What is Jerry's Gain Realized?

f- What is Tom's Gain Recognized?

g- What is Jerry's Gain Recognized?

h- What is Tom's basis in the new house received?

i- What is Jerry's basis in the new house received?

Reference no: EM132521200

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