Question
B exchanges investment land with an adjusted basis of $40,000 for another parcel of investment land with a fair market value of $50,000 and he
B exchanges investment land with an adjusted basis of $40,000 for another parcel of investment land with a fair market value of $50,000 and he also receives $12,000 in cash. What is B's recognized gain on this exchange?
|
| $12,000 |
|
| $20,000 |
|
| $22,000 |
|
| No gain is recognized |
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
12th Edition
0324381980, 978-0324381986
