TB MC Qu. 11-78 (Algo) Arlington LLC exchanged land used in its business... Garibaldo LLC exchanged land used in its business for some new land. Garibaldo originally purchased the land it exchanged for $35,000. The new land had a fair market value of $38,500. Garibaldo also received $9,000 of office equipment in the transaction. What is Garibaldo's recognized gain or loss on the exchange? Multiple Choice 50 $9,000 $3,500 $12,500