Question 32 Arlington LLC traded a warehouse used in its business for a new property. Arlington originally purchased the warehouse for $60,000 and it had an adjusted basis of $32,000 at the time of the exchange. The new property had a fair market value of $30,000. Arlington also received $5,000 of cash in the transaction. What is Arlington's recognized gain or loss on the like-kind exchange? $7,000 O $5,000 $3,000 ($2,000) $0