Eduardo Owns Land Held for Investment Purposes That Has a Basis

question 93

Multiple Choice

Eduardo owns land held for investment purposes that has a basis of $250,000.He exchanges the land,plus $40,000 of cash,for a warehouse he will hold as rental property.The warehouse is worth $410,000,but is subject to a mortgage of $70,000 which Eduardo will assume.The gain realized by Eduardo is

• A)$50,000.
• B)$40,000.
• C)$0.
• D)$160,000.

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