Gena Exchanges Land Held as an Investment with a $60,000

question 25

Multiple Choice

Gena exchanges land held as an investment with a $60,000 basis for other land with a $80,000 FMV and a motorcycle with a $10,000 FMV.The acquired land is to be held for investment and the motorcycle is for personal use.What is the amount of recognized gain?

• A)$0
• B)$10,000
• C)$20,000
• D)$30,000

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Definitions:

Impulse Control

The ability to resist or delay an impulse, drive, or temptation to act, playing a critical role in self-regulation behaviors.

Frontal Lobes

Regions of the brain located at the front of each cerebral hemisphere, responsible for executive functions, decision making, and controlling voluntary movements.

Thalamus

A critical brain structure that acts as a relay station, channeling sensory and motor signals to the cerebral cortex, and regulates consciousness and sleep.

Limbic System

A complex system of nerves and networks in the brain, involved in various emotions and drives.