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

• None of the choices are correct.

• $8,000.

• $12,000.

• $0.

• $4,000.