On June

15,20\\\\times 3

, Francis swapped investment property (specifically, lot A) for different investment property (namely, lot B). On the day of the swap, Francis's basis in lot A stood at

$400,000

. He received

$500,000

in cash and lot

B

, valued at

$430,000FMV

, in return.\ Assuming like-kind treatment. Francis should recognize a gain on the exchange of\ None of these.\ 0\ 300,000\ 530,000\

$500,000

On June 15,203, Francis swapped investment property (specifically, lot A) for different investment property (namely, lot B). On the day of the swap, Francis's basis in lot A stood at $400,000. He received $500,000 in cash and lot B, valued at $430,000FMV, in return. Assuming like-kind treatment. Francis should recognize a gain on the exchange of None of these. 0 300,000 530,000 $500,000