Will Exchanges a Building with a Basis of $35,000,and Subject

question 56

Multiple Choice

Will exchanges a building with a basis of $35,000,and subject to a liability of $30,000,for land with a FMV of $50,000 owned by Jane.Jane takes the land subject to the liability.The amount realized by Will is

• A)$30,000.
• B)$35,000.
• C)$50,000.
• D)$80,000.

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