can anybody solve this problem?
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can anybody solve this problem?
An individual, in the taxable year, traded a house and lot which he held as rental Property for a house valued at $42,000 and a lot valued at $2,000 — also to be held e as a rental property. He appraised his property at $46,000 and accepted a truck valued at $1,500 as a full payment for the difference in value between the properties exchanged. His lot originally cost him $1,000 and the cost of his house after allowance for depreciation was $42,500. How much gain does he have to report on his tax return?
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