A taxpayer trades in a building used solely for business purposes for another building to be used in his business. The old building originally cost $35,000 and he has taken $18,000 in depreciation. The old building is currently worth $20,000 and the new building the taxpayer wants in exchange is worth $20,000. No other cash or property is exchanged in the transaction. What is the gain or loss realized by the taxpayer on this transaction? O A. $0 OB. $3,000 loss $3,000 gain D. $15,000 loss C. Activate Win

A taxpayer trades in a building used solely for business purposes for another building to be used in his business. The old building originally cost $35,000 and he has taken $18,000 in depreciation. The old building is currently worth $20,000 and the new building the taxpayer wants in exchange is worth $20,000. No other cash or property is exchanged in the transaction. What is the gain or loss realized by the taxpayer on this transaction? A. $0 B. $3,000 loss C. $3,000 gain D. $15,000 loss