rbynaker
Level 13
10-15-2020
11:33 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@TaxGuyBill wrote:I'll have to look through the form again, but I have stuck in my head that the extra cash cancels that out.
In this case the gain is $550 - $165 = $385. Boot received was only $310 so that's how much gain gets recognized. The right answer is probably something completely different but I'm ignoring facts not in evidence such as closing costs and prior depreciation.