1. Business
  2. Accounting
  3. for each of the following independent transactions calculate the recognized...

Question: for each of the following independent transactions calculate the recognized...

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Problem 54 (LO, 3) For each of the following independent transactions, calculate the recognized gain or loss to the seller and the adjusted basis to the buyer. If an amount is zero, enter 0. Sellers Recognized Gain/Loss a. Bonnie sells Parchment, Inc. stock (adjusted basis $17,000) to Philip, her brother, for its fair market value of $12,000, b. Amos seis land (adjusted basis $85,000) to his nephew, Boyd, for its fair market value of s70,000. rc Susan sells a tax exempt bond (adjusted basis s20,000) to her wholly owned corporation for its fair market value of $19,000. d Ron sells a business truck (adjusted basis $20,000) that he uses in his sole proprietorship to his cousin, Agnes, for its fair market value of $18 500. e. Martha sells her partnership interest (adjusted basis s17s.000) in Pearl Partnership to her adult daughter, Kim, for $220,000. Buyers Adjusted Basis
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