Gain & Losses Flashcards
1
Q
Gain or Loss =
A
AMOUNT REALIZED (cash + FMV of property received or + transfer of liability)
MINUS
ADJUSTED BASIS (amount you paid + capital improvements or - depreciation)
Gain or Loss =
AMOUNT REALIZED (cash + FMV of property received or + transfer of liability)
MINUS
ADJUSTED BASIS (amount you paid + capital improvements or - depreciation)