Multiple Choice
Jason owns a warehouse that is used in business.The FMV of the warehouse is $200,000 (basis $120,000) ,and the warehouse is subject to a mortgage of $40,000.Jason exchanges the warehouse for land valued at $150,000.The other party also pays him $10,000 cash and assumes the mortgage on the warehouse.Jason's basis in the land received will be
A) $120,000.
B) $150,000.
C) $180,000.
D) $200,000.
Correct Answer:
Verified
Correct Answer:
Verified
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