Pam owns a personal use boat that has a fair market value, Ask an Expert

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Pam owns a personal use boat that has a fair market value of $35,000 and an adjusted basis of $45,000. Pam's AGI is $100,000. Calculate the realized and recognized gain or loss if:

A. Pam sells the boat for $35,000

B. Pam exchanges the boat for another boat worth $35,000

C. The boat is stolen and Pam receives insurance proceeds of $35,000

Would your answer in (A) change if the fair market vale and the selling price of the boat were $48,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953169

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