Multiple Choice
Will exchanges a building with a basis of $35,000,and subject to a liability of $30,000,for land with a FMV of $50,000 owned by Jane.Jane takes the land subject to the liability.The amount realized by Will is
A) $30,000.
B) $35,000.
C) $50,000.
D) $80,000.
Correct Answer:
Verified
Correct Answer:
Verified
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