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8- Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $34,000. The new land
8- Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $34,000. The new land had a fair market value of $38,000. Arlington also received $8,000 of office equipment in the transaction. What is Arlington's recognized gain or loss on the exchange?
Multiple Choice
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None of the choices are correct.
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$8,000.
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$12,000.
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$0.
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$4,000.
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