Dean Exchanges a Business Storage Facility with a $120,000 Adjusted

question 79

Multiple Choice

Dean exchanges a business storage facility with a $120,000 adjusted basis for $40,000 cash and a parking lot with a $140,000 FMV.What is the amount of gain which Dean recognizes on the exchange?

• A)$0
• B)$20,000
• C)$40,000
• D)$60,000

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Definitions:

Own Goals

In sports, an act of scoring a point or goal against one's own team, often resulting from a mistake or miscalculation.

Heightened Enjoyment

Refers to an increased level of pleasure or satisfaction derived from activities, often influenced by factors like engagement, novelty, and challenge.

Evolutionary Benefits

Advantages conferred by certain traits or behaviors that enhance an organism's reproductive success and survival, guided by natural selection.

Social Existence

The way in which individuals live, interact, and coexist with one another within societies and various social structures.