Question
Serena exchanges a rental house in the mountains with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house
Serena exchanges a rental house in the mountains with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house at the beach with a fair market value of $148,000 and cash of $12,000.What is Serena's recognized gain or loss?
A. $148,000
B. ($20,000)
C. $0
D. $12,000
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
1260153156, 1260153150, 978-1260153156
