CharlieJP8263 CharlieJP8263

08-05-2024
Business

Answered

Sunny exchanges land with an adjusted basis of $33,000 and a fair market value of $45,000 for another parcel of land with a fair market value of $42,000 and $3,000 cash. What is Sunny's recognized gain or loss?
a. $9,000
b. $12,000
c. $0
d. None of the choices presented are correct.
e. $3,000

Answer :

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