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Cody owns land held for investment purposes that has a basis of $250,000. He exchanges the land, plus $40,000 of cash, for a warehouse he

Cody owns land held for investment purposes that has a basis of $250,000. He exchanges the land, plus $40,000 of cash, for a warehouse he will hold as rental property. The warehouse is worth $410,000, but is subject to a mortgage of $70,000 which Cody will assume. The gain realized by Cody is Group of answer choices $50,000. $0. $40,000. $160,000

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