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Molly exchanges land (adjusted basis of $85,000; fair market value of $78,000) used in her business and common stock held for investment (adjusted basis of $10,000; fair market value of $15,000) for a single parcel of land (fair market value of $93,000) to be used in her business in a like-kind exchange. What is Molly’s basis in the property received?

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Answer:

Question "What is Molly’s realized gain/loss on the land and machine?, What is Molly’s recognized gain/loss on the land and machine? "

                                          Land           Machine

Amount Realized          $15,000          $78,000

Adjusted Basis               ($10,000)        ($85,000)

Realized Gain(Loss)        $5,000           ($7,000)

Recognized Gain(Loss)  $5,000            $0

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