In 2023, Arthur exchanged his business building located in New York City for another like-kind building in New Jersey. The adjusted basis of his building in New York City was $700,000. The fair market value of his new building in New Jersey is $1,200,000. He also received $40,000 in cash. How much, if any, of his realized gain does Arthur have to recognize in 2023? $0 $500,000 $40,000 $700,000Which of the following statements is TRUE regarding the allocation of a company's indirect fixed costs? a. Indirect fixed costs should always be traced to a particular segment. b. If the indirect fixed cost could be avoided should a particular segment be eliminated, then the indirect fixed cost should be traced to that particular segment. c. Indirect fixed costs should never be allocated to a particular segment. d. Indirect fixed costs should not benefit more than one particular segment