Multiple Choice
Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $28,000. The new land had a fair market value of $35,000. Arlington also received $2,000 of office equipment in the transaction. What is Arlington'srecognized gain or loss on the exchange?
A) $0.
B) $2,000.
C) $7,000.
D) $9,000.
E) None of the choices are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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