Mr. and Mrs. William Singler are married and plan to file a joint tax return. This

year, an investment in land that cost them $100,000 (but that is currently worth

$310,000) is traded for another investment in land that is worth approximately

$340,000. To conclude the trade, they also had to pay cash of $29,000. What is their

taxable gain or loss on this exchange?

• No taxable gain or loss

• $29,000 gain

• $210,000 gain

• $211,000 gain