Maryexchanged an Office Building Used in Her Business for Some

question 126

Multiple Choice

Maryexchanged an office building used in her business for some land. Mary originally purchased the building for $45,000, and it had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market value of $40,000. Mary also gave $4,000 to the seller in the transaction. What is Mary's adjusted basis in the land after the exchange?

• A)$20,000.
• B)$24,000.
• C)$36,000.
• D)$40,000.
• E)None of the choices are correct.

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