ACC 456 STUDY Start With a Dream /acc456study.com ACC 456 STUDY Start With a Dream /acc456study.com | Page 30

• c.Taxpayer borrows $300 from the bank to make a charitable
contribution. The $300 is paid to the charitable organization before
the end of the tax year.
• d.Taxpayer gives a note to his church indicating an intent to
contribute $300.
• e.A calendar-year individual mails a check for $200 to his church on
December 31. The check is postmarked December 31 and clears the
bank on January 4.
I:12-36
Like-Kind Exchange: Related Parties. Bob owns a duplex used as
rental property. The duplex has a basis of $86,000 and $300,000 FMV.
He transfers the duplex to Cindy, his sister, in exchange for a triplex
that she owns. The triplex has a basis of $279,000 and a $300,000
FMV. Two months after the exchange, Cindy sells the duplex to a
business associate for $312,000. Determine:
• a.Bob’s realized and recognized gain on the exchange.
• b.Cindy’s realized and recognized gain on the exchange.
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ACC 456 Week 5 Summary Of Learning
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