Jason Owns a Warehouse That Is Used in Business

question 28

Multiple Choice

Jason owns a warehouse that is used in business.The FMV of the warehouse is $200,000 (basis $120,000) ,and the warehouse is subject to a mortgage of $40,000.Jason exchanges the warehouse for land valued at $150,000.The other party also pays him $10,000 cash and assumes the mortgage on the warehouse.Jason's basis in the land received will be

• A)$120,000.
• B)$150,000.
• C)$180,000.
• D)$200,000.

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Definitions:

Renin

Enzyme released by the kidneys that leads to the secretion of aldosterone and a rise in blood pressure.

Urethra

A duct through which urine is discharged from the bladder to the exterior of the body in both males and females, and through which semen is discharged in males.

Reproductive System

Organ system in humans that includes the sex-specific organs (testes, ovaries, etc.); produces and transports gametes; in females, nurtures and gives birth to offspring.

Endocrine

Pertaining to glands which secrete hormones or other products directly into the blood.