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:

Veterinarian's Database

A specialized database designed to store and manage information related to animal health care and veterinary services.

PetName

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CIA Triad Security Model

A widely used model in information security consisting of three main components: Confidentiality, Integrity, and Availability, each representing a fundamental security objective.

Authorization

The process of giving someone permission to do or have something.