-Diego exchanged land with an adjusted basis of $60,000 for another parcel of land worth...
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Accounting
-Diego exchanged land with an adjusted basis of $60,000 for another parcel of land worth $40,000 plus $15,000 of cash. Diego held the original land for investment purposes and will do the same with the new parcel. Due to the exchange, Diego will recognize
A) $0.
B) $5,000 gain.
C) $5,000 loss.
D) $10,000 gain
-Leticia exchanges a business storage facility with a $100,000 adjusted basis for $25,000 cash and a parking lot with a $110,000 FMV. What is the amount of gain which Dean recognizes on the exchange?
A) $0
B) $25,000
C) $40,000
D) $60,000
-Theresa exchanges business land with a $125,000 adjusted basis for $25,000 cash and business land with a $110,000 FMV. What is the amount of gain recognized on the exchange?
A) $0
B) $4,000
C) $6,000
D) $10,000
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