federal taxation homework

Your supervisor has asked you to research the following situation concerning Owen and Lisa Cordoncillo. Owen and Lisa are brother and sister. In May 2020, Owen and Lisa exchange land they both held separately for investment. Lisa gives up a two acre property in Texas with an adjusted basis of $2,000 and a fair market value of $6,000. In return for this property, Lisa receives from Owen a one acre property in Arkansas with a fair market value of $5,500 and cash of $500. Owens adjusted basis in the land he exchanges is $2,500. In March 2021, Owen sells the Texas land to a third party for $5,800.

Required: Go to the IRS website (). Locate and review Publication 544, , Nontaxable Exchanges. Please explain and calculate the amount of Owen and Lisas gain recognition for 2020. Also determine the effect, if any, of the subsequent sale in 2021. 


15% off for this assignment.

Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!

Why US?

100% Confidentiality

Information about customers is confidential and never disclosed to third parties.

Timely Delivery

No missed deadlines – 97% of assignments are completed in time.

Original Writing

We complete all papers from scratch. You can get a plagiarism report.

Money Back

If you are convinced that our writer has not followed your requirements, feel free to ask for a refund.

× How can I help you?