Reference no: EM133041015
Question - In Year 1, a taxpayer buys undeveloped land (Tract 1) for $50,000. In Year 3, when Tract 1 is worth $80,000, the taxpayer is offered other undeveloped land (Tract 2) in trade. Because this other land is only worth $70,000, the taxpayer demands and gets an additional cash payment of $10,000. In Year 5, Tract 2 is sold for $100,000. What is the taxable gain to the taxpayer?
a. $10,000 in Year 3 and $50,000 in Year 5.
b. $0 in Year 3 and $60,000 in Year 5.
c. $30,000 in Year 3 and $30,000 in Year 5.
d. $20,000 in Year 3 and $40,000 in Year 5.
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