Use the Lesson 3 template down below to complete both parts of the case study.

  1. Be sure to read the instructions and complete all template sections.
  2. If required, calculations must be displayed on the Excel template.

Part 1

Scenario

Gina Smith exchanges a business land with an adjusted basis of $400,000 and a fair market value of $700,000 for Jennifer Lopez’s office building worth $600,000 and $100,000 cash. Jennifer had an adjusted basis of $450,000 in the building. 

  • Use the scenario data to answer the questions within the Excel template to complete Part 1.

Part 2

Scenario

Frank Cortez’s business property with an adjusted basis of $160,000 is condemned by local authorities. He receives a $240,000 condemnation award.

  • Answer the questions in the Excel template based on the scenario information to complete Part 2.

Part 1

ACC221 Lesson 3 Case Study Template
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Part 1
Scenario: Gina Smith exchanges a business land with an adjusted basis of $400,000 and a fair market value of $700,000 for Jennifer Lopez’s office building worth $600,000 and $100,000 cash. Jennifer had an adjusted basis of $450,000 in the building.
Answer the questions in the space provided below.
1. What is Gina’s realized and recognized gain or loss and the basis in the office building?
2. What is Jennifer’s realized and recognized gain or loss and the basis in the business land?
3. Assume no cash was received by Gina and the office building was worth $700,000. What would be Gina’s realized and recognized gain or loss and the basis in the office building?

@Rio Salado College 5/3/2021 Start Date

Part 2

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ACC221 Lesson 3 Case Study Template
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