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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Definitions:

Social Obligations

The responsibilities or duties one has to other individuals or groups in society.

Dispositional Attribution

Dispositional Attribution involves attributing a person's behavior to their internal qualities or traits, rather than to external factors or situations.

Collectivistic Attribution

The tendency to attribute individuals' behaviors and success to their collective groups, emphasizing group goals over individual achievements.

Situational Attribution

Refers to attributing an individual's behavior to external or environmental factors.