00:02
To find the amount of gain the poll must recognize the fair market value and it should be compared by the adjusted basis.
00:19
The things that are given number 1 is the fair market value of property 1 which is 380 ,000.
00:42
Now the second point is adjusted basis of the same property is 240 ,000.
01:06
Now for finding the gain recognized we should subtract the av from fmv, fair market value minus adjusted basis.
01:41
This will result into 380 ,000 minus 240 ,000.
02:01
Thereafter the amount that came into existence is 140 ,000 which is equivalent to the gain.
02:17
Therefore poll must recognize a gain of rupees.
02:35
This is the result for first part.
02:49
Now moving on to the second part.
03:05
Now the adjusted basis of property 1 is 240 ,000.
03:23
Thereafter the deemed liability relief amounts to 120 ,000.
03:50
Now partnerships inside basis in property 1 is adjusted basis plus deemed liability relief.
04:29
Now the partnerships inside basis in property 1 is equivalent to 240 ,000 plus 120 ,000 which is equivalent to 360 ,000...