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-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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