Tauber Inc

question 81

Multiple Choice

Tauber Inc. and J&I Company exchanged like-kind assets. Tauber's asset had a $17,500 FMV and $3,000 adjusted tax basis, and J&I's asset had a $19,000 FMV and a $9,000 adjusted tax basis. Tauber paid $1,500 cash to J&I as part of the exchange. Which of the following statements is false?

• A) Tauber's realized gain is $14,500 and recognized gain is -0-.
• B) J&I's realized gain is $10,000 and recognized gain is -0-.
• C) Tauber's basis in its newly acquired asset is $4,500.
• D) J&I's basis in its newly acquired asset is $9,000.

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Definitions:

High Self-esteem

A positive evaluation of oneself, characterized by feelings of respect, confidence, and worthiness.

Extraverted

Describing a personality trait characterized by outgoingness, sociability, and a high level of engagement with the external world.

Conform

The act of adjusting one's behavior or beliefs to align with the norms or standards of a group or society.

Self-esteem

An individual's overall subjective emotional evaluation of their own worth.