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33. On October 1, Tabitha exchanged an apartment building (adjusted basis of $675,000 and subject...

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Accounting

33. On October 1, Tabitha exchanged an apartment building (adjusted basis of $675,000 and subject to a mortgage of $325,000) for another apartment building owned by Edwin (fair market value of $950,000 and subject to a mortgage of $325,000). The property transfers were made subject to the outstanding mortgages. What amount of gain should Tabitha recognize?

a. $0.

b. $50,000.

c. $225,000.

d. $275,000.

e. None of the above.

34. Cedar, Inc., owns a delivery truck which initially cost $30,000. After depreciation of $25,000 had been deducted, the truck was traded-in on a new truck that cost $50,000. Cedar was required to pay the car dealer $20,000 in cash. What is Cedar

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