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Sheena Maskell Sheena Maskell
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7 years ago
Glen owns a building that is used in business while Paige owns land. Glen exchanges the building for the land, which will be held for investment. The FMV of the building is $200,000 (basis $120,000) and the building is subject to a mortgage of $40,000, which is assumed by Paige. Glen receives $10,000 cash and the land, which has a FMV of $150,000 (basis of $130,000 to Paige). Glen must recognize a gain of
A) $0.
B) $10,000.
C) $50,000.
D) $80,000.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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MsLippyMsLippy
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Sheena M. Author
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7 years ago
Really helped
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