Jason Owns a Warehouse That Is Used in Business

question 28

Multiple Choice

Jason owns a warehouse that is used in business.The FMV of the warehouse is $200,000 (basis $120,000) ,and the warehouse is subject to a mortgage of $40,000.Jason exchanges the warehouse for land valued at $150,000.The other party also pays him $10,000 cash and assumes the mortgage on the warehouse.Jason's basis in the land received will be

• A)$120,000.
• B)$150,000.
• C)$180,000.
• D)$200,000.

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Definitions:

Ribosomes

Organelles within cells that function as the sites of protein synthesis, translating messenger RNA into protein.

Protein Synthesis

The process by which cells produce proteins through the decoding of DNA and RNA sequences, crucial for cellular function and repair.

Cell Membrane

The semipermeable membrane surrounding the cytoplasm of a cell, controlling the passage of substances in and out.

Cytoplasm

The jelly-like substance within a cell that contains organelles, providing a medium for cellular processes to occur.