Multiple Choice
Elizabeth exchanges her retail storage assets for retail displays.In this like-kind exchange,Elizabeth receives $2,000 in cash.The storage assets have a fair market value of $12,000 and Elizabeth's basis in the assets is $3,000.The displays have a fair market value of $10,000 and a basis of $8,000.What is Elizabeth's realized gain on the exchange?
A) zero
B) $3,000
C) $6,000
D) $9,000
Correct Answer:
Verified
Correct Answer:
Verified
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