Rolf Exchanges an Office Building Worth $150,000 for Investment Land

question 1000

Multiple Choice

Rolf exchanges an office building worth $150,000 for investment land worth $175,000. He also provided stock worth $25,000. Rolf's adjusted basis in the building and stock is $130,000 and $11,000, respectively. How much gain will Rolf recognize on the exchange?

• A) $14,000
• B) $20,000
• C) $0
• D) $34,000

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