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Adjusted basis 300000 fair market value 500000 what amount

Question - Joan Reed exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains to this transaction:

Property given up by Reed:

Fair Market Value $500,000

Adjusted Basis 300,000

Property received by Reed:

Fair Market Value 450,000

What amount of gain should be recognized in Reed's income tax return?

a. $200,000

b. $150,000

c. $50,000

d. $0

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Accounting Basics: Adjusted basis 300000 fair market value 500000 what amount

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Accounting Basics: Adjusted basis 300000 fair market value 500000 what amount

Reference No:- TGS02608369

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