Dennis exchanges a business storage facility with a $120,000 adjusted basis for $40,000 cash and a parking lot with a $140,000 fmv. what is the amount of gain which dennis recognizes on the exchange?

$40,000

Explanation:

Data provided in the question:

Adjusted basis of the storage facility = $120,000

Cash = $40,000

FMV of parking lot = $140,000

Now,

Realized gain = ( FMV of parking lot + Cash ) -  Basis

= $140,000 + $40,000 - $120,000

= $60,000

Now the recognized gain will be = min [ Realized gain ; Boot received ]

= min [ $60,000 ; $40,000 ]

= $40,000

an airplane used in trade or business for a high-rise construction crane used in trade or business.

All of the following qualify as a like-kind exchange except

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The transaction qualifies as a like-kind exchange for A but not for B.

A owns a ranch in Wyoming, which B offers to purchase. A is not willing to sell the ranch but is willing to exchange the ranch for an apartment complex in Louisiana. The complex is available for sale. B purchases the apartment complex in Louisiana from C and transfers it to A in exchange for A's ranch. The ranch and the complex each have a $1,000,000 fair market value. Which of the following is true?

identified within 45 days and received within 180 days.

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0

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40,000

Dean exchanges business equipment with a $120,000 adjusted basis for $40,000 cash and business equipment with a $140,000 FMV. What is the amount of gain which Dean recognizes on the exchange?

$6,000

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$10,000

Gena exchanges land held as an investment with a $60,000 basis for other land with a $80,000 FMV and a motorcycle with a $10,000 FMV. The acquired land is to be held for investment and the motorcycle is for personal use. What is the amount of recognized gain?

0

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200,000

Kole owns a warehouse used in his business which has an adjusted basis of $240,000 and is subject to a mortgage with an $80,000 principal balance. Kole exchanges the warehouse for land worth $320,000. In addition, he receives cash of $40,000. What is Kole's realized gain?

Explanation:

this is right.

im thinking a but im not 100% sure

explanation: