Maud Exchanges a Rental House at the Beach with an Adjusted

Multiple Choice

Maud exchanges a rental house at the beach with an adjusted basis of $225,000 and a fair market value of $200,000 for a rental house at the mountains with a fair market value of $180,000 and cash of $20,000. What is the recognized gain or loss?

A) $0
B) $20,000
C) ($20,000)
D) ($25,000)
E) None of the above