Jason exchanged land for other land. The old land had an adjusted basis of $14,000, and the

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Jason exchanged land for other land. The old land had an adjusted basis of $14,000, and the new land had an FMV of $22,000. Jason also paid $5,000 cash in the exchange. What are the recognized gain or loss and the basis of the land?

a. $0 and $14,000

b. $0 and $19,000

c. $6,000 and $14,000

d. ($8,000) and $9,000

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Fundamentals Of Taxation 2019

ISBN: 9781260158670

12th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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Question Posted: Jun 03, 2019 06:13 AM

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Jason exchanged land for other land. The old land had an adjusted basis of $14,000, and the

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Fundamentals Of Taxation 2019

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