Glen Owns a Building That Is Used in Business

question 51

Multiple Choice

Glen owns a building that is used in business.The building is worth $200,000,but is subject to a mortgage of $40,000.Glen's basis in the building is $120,000.Glen exchanges the building for investment land worth $150,000 plus $10,000 cash.In addition,the other party assumes the mortgage which will be held for investment.Glen must recognize a gain of

• A)$0.
• B)$10,000.
• C)$50,000.
• D)$80,000.

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Definitions:

Positive Emotions

Feelings that are generally beneficial and enjoyable, such as happiness, joy, love, and gratitude, contributing to overall well-being.

Conflict

A disagreement or confrontation resulting from opposing or incompatible actions, ideas, or beliefs between parties.

Marital Satisfaction

The degree of contentment and fulfillment individuals feel within their marriage or long-term romantic relationship.

Perceived Equity

The feeling or perception that the balance between one's inputs and outcomes in a relationship or situation is fair.