微信扫一扫
实时资讯全掌握
| Joseph Kurtz exchanged land that he held for 4 years as an investment, with a tax basis of $36,000, for similar land valued at $40,000 which was owned by Adrian Flemming. In connection with this transaction, Kurtz assumed Flemming’s $10,000 mortgage and Flemming assumed Kurtz’s $12,000 mortgage. As a result of this transaction Kurtz should report a long-term capital gain of A. $0 B. $4,000 C. $6,000 D. $2,000 |