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Gena Exchanges Land Held as an Investment with a $60,000

Question 25

Multiple Choice

Gena exchanges land held as an investment with a $60,000 basis for other land with a $80,000 FMV and a motorcycle with a $10,000 FMV.The acquired land is to be held for investment and the motorcycle is for personal use.What is the amount of recognized gain?


A) $0
B) $10,000
C) $20,000
D) $30,000

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