Question
45) Glenn LLC exchanged land used in its business for some new land. Glenn originally purchased the land for $28,000. The new land had a
45) Glenn LLC exchanged land used in its business for some new land. Glenn originally purchased the land for $28,000. The new land had a fair market value of $35,000. Glenn also received $2,000 of office equipment in the transaction. What is Glenn's gain or loss recognized on the exchange?
A) $0.
B) $2,000.
C) $7,000.
D) $9,000.
E) None of the choices are correct.
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MIS Management Information Systems
Authors: Hossein Bidgoli
8th edition
978-1337406932, 1337406937, 978-1337406925, 1337406929, 978-0357004357
