Landry Exchanged Land with an Adjusted Basis of $50,000 for Another

question 37

Multiple Choice

Landry exchanged land with an adjusted basis of $50,000 for another parcel of land worth $35,000 plus $10,000 of cash.Landry held the original land for investment purposes and will do the same with the new parcel.Due to the exchange,Landry will recognize

• A)$10,000 gain.
• B)$5,000 gain.
• C)$5,000 loss.
• D)$0.

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