Which of the following amounts is not included in the computation of amount realized in an exchange?
A)Cash received
B)Fair market value of property received
C)Selling expenses
D)Adjusted basis of property transferred

Question

Quizplus · Accepted Answer

The adjusted basis of property transferred is used to determine the gain or loss on the exchange, but it is not included in the amount realized. The amount realized is the total value of the property received, including cash and the fair market value of any other property received, minus any selling expenses.

Which of the Following Amounts Is Not Included in the Computation