Multiple Choice
Richard exchanges a building with a basis of $35,000, and subject to a liability of $25,000, for land with a FMV of $50,000 owned by Bill. Bill takes the building subject to the liability. What is the amount of Richard's realized gain?
A) $40,000
B) $25,000
C) $0
D) $15,000
Correct Answer:
Verified
Correct Answer:
Verified
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