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In an exchange, Luciana gave up her business use real property (FMV $50000, adjusted basis $35000) for a smaller piece of business use real property
In an exchange, Luciana gave up her business use real property (FMV $50000, adjusted basis $35000) for a smaller piece of business use real property (FMV $25000) and $25000 cash. Realized gain and Recognized gain?
a. $5000; $0 b. $15000;$0 c. $15000;$15000 d. $15000;$25000
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