Company owns a tract of land which it purchased in 2006 for $100,000. The land is held as a future plant site and has a fair market value of $140,000 on July 1, 2009. Hall Company also owns a tract of land held as a future plant site. Hall paid $180,000 for the land in 2008 and the land has a fair market value of $200,000 on July 1, 2009. On this date Madden exchanged its land and paid $60,000 cash for the land owned by Hall. If the exchange has commercial substance, at what value Madden record the land acquired in the exchange?
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Company owns a tract of land which it purchased in 2006 for $100,000. The land is held as a future p...
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