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Nat is a salesman for a real estate developer. His employer permits him to purchase a lot for $75,000. The employer's adjusted basis for the lot is $45,000, and its normal selling price is $90,000. What is Nat's recognized gain and his basis for the lot

Respuesta :

Answer:

Recognized gain = $15,000

Basis for lot = $90,000

Explanation:

According to the scenario, computation of the given data are as follows,

Purchase amount = $75,000

Adjusted basis = $45,000

Normal selling price = $90,000

So, Recognized gain = Normal selling price - Purchase amount

By putting the value, we get

Recognized gain = $90,000 - $75,000

= $15,000

Now, Basis for lot = Purchase amount + Recognized gain

= $75,000 + $15,000

= $90,000

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