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As a resident of Texas, Jim exchanged a condominium located in California for like-kind property located in Texas. He realized a gain of $15,000 on

As a resident of Texas, Jim exchanged a condominium located in California for like-kind property located in Texas. He realized a gain of $15,000 on the exchange that was properly deferred under IRC Section 1031. Jim then sold the Texas property in a nondeferred transaction and recognized a gain of $20,000. What amount of the deferred gain has a source in California and is taxable by California? A. $0 B. $5,000 C. $15,000 D. $20,000

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