Menu
support@graduatecourseshelp.com
+1(805) 568 7317

four years ago gene exchanged commercial real estate worth 1 5 million basis of 300 699119

Four years ago Gene exchanged commercial real estate worth $1.5 million (basis of $300,000) and subject to a mortgage of $200,000 for land worth $1.15 million, subject to a mortgage of $150,000, and cash of $300,000. In the current year, Gene transfers the land he received in the exchange to newly formed Bronze Corporation for all of its stock. Bronze Corporation assumes the original mortgage on the land, current face amount of $100,000, and a second mortgage, face amount of $20,000. Gene had placed the second mortgage on the land to secure the purchase of some equipment that he used in this business. What are the tax issues?

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now