Question 3 Not yet answered Points out of 1.0 Joseph owns a four-unit apartment in Santa Monica, which he purchased for $600,000 in 2012. Joseph's current adjusted basis in the apartment is $480,000. Joseph decides to exchange the four-unit apartment for a large lake front rental cabin in Big Bear. The lake front property has a fair market value of $800,000. In the exchange Joseph receives $250,000 cash in addition to the lake front cabin. What is Joseph's recognized gain or loss and the basis of the lake front cabin? P Flag question Select one: o a. $0 and $550,000 b. $0 and $230,000 c. $250,000 and $480,000 d. $570,000 and $800,000 6. None of the choices listed are correct. On November 5, 2019, Papaya Packaging Products purchased a packaging machine with a 7-year useful life for $60,000. This is the only asset they purchased during the year. Papaya Packaging Products did not elect to expense any of the asset under $179, nor did they elect straight-line cost recovery. Papaya Packaging Products sold the asset on July 17, 2020. Determine the cost recovery deduction for 2020 Select one: a. $12,053 b. $8,572 c. $17,143 O d. $19,285 Next page