Acme Inc.and Beamer Company exchanged like-kind production assets.Acme's asset had a $240,000 FMV and $117,300 adjusted tax basis,and Beamer's asset had a $225,000 FMV and a $168,200 adjusted tax basis.Beamer paid $15,000 cash to Acme as part of the exchange.Which of the following statements is true?
A)Acme's realized gain is $122,700 and recognized gain is -0-.
B)Beamer's realized gain is $56,800 and recognized gain is $15,000.
C)Acme's basis in its newly acquired asset is $117,300.
D)Beamer's basis in its newly acquired asset is $168,200.

Question

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The Answer of Acme Inc.and Beamer Company exchanged like-kind production assets.Acme's asset had a $240,000 FMV and $117,300 adjusted tax basis,and Beamer's asset had a $225,000 FMV and a $168,200 adjusted tax basis.Beamer paid $15,000 cash to Acme as part of the exchange.Which of the following statements is true?
A)Acme's realized gain is $122,700 and recognized gain is -0-.
B)Beamer's realized gain is $56,800 and recognized gain is $15,000.
C)Acme's basis in its newly acquired asset is $117,300.
D)Beamer's basis in its newly acquired asset is $168,200.

Acme IncAnd Beamer Company Exchanged Like-Kind Production Assets