Alice J. and Bruce M. Jones are married taxpayers who file a joint return. Alice’s birthday is… 1 answer below »

Alice J. and Bruce M. Jones are married taxpayers who file a joint return. Alice’s

birthday is September 21, 1961, and Bruce’s is June 27, 1960. Bruce is the office

manager for Ames Dental Clinic. Alice is the CPA at Lehman, York & Hunter CPA, LP.

The Jones provide over half of the support of their two children, Cynthia (born

January 25, 2001, Social Security number (017-44-9126) and John (born February 7,

1999, Social Security number (017-27-4148), who live with them. Both children are fulltime students and live with the Jones. The Jones also provided all the support for their 22-

year-old son Ryan who recently graduated college but cannot find employment. Ryan

lives in DC.

According to Mr. Jones on May 31, 2018, he and his wife exchanged their twofamily house in Westchester County (675 Pinebrook Blvd, New Rochelle, NY), which

they rented entirely from January 01, 2014 to May 31, 2018, for a four family rental

property located at 62 Atlantic Avenue, Brooklyn, NY. At the time of the exchange, the

FMV of the two-family house was $900,000, and the adjusted basis was $???????

(Calculate based on information provided below). The Four-family house had an adjusted

basis of $150,000 and a FMV of $890,000. The two-family home was subject to a

$10,000 mortgage, which the buyer assumed.

Attachments:

Spring-2020-T….pdf

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