Joseph Exchanged Land (Tax Basis of $34,000), That He Had

Multiple Choice

Joseph exchanged land (tax basis of $34,000) , that he had held for 4 years as an investment, for similar land valued at $42,000 which was owned by Adrian. In connection with this transaction, Adrian assumed Joseph's $11,000 mortgage. As a result of this transaction Joseph should report a long-term capital gain of:

A) $0
B) $8,000
C) $11,000
D) $19,000
E) None of the above