Richard Exchanges a Building with a FMV of $75,000,a Basis

question 51

Multiple Choice

Richard exchanges a building with a FMV of $75,000,a basis of $35,000,and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill.What is the amount of Richard's realized gain?

• A)$0
• B)$15,000
• C)$25,000
• D)$40,000

Comprehend the role of the brain in coordination, emotion, and reasoning.

Analyze the influence of cultural and socioeconomic factors on children's health and development.

Understand the concepts of cognitive development and reasoning in middle childhood.

Appreciate the significance of programs aimed at improving children's health, mental well-being, and safety.

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Definitions:

Articles of Incorporation

Legal documents filed with a governmental body to legally document the creation of a corporation.

Corporation

A legal entity recognized by law as separate from its owners, capable of owning property, entering contracts, and being sued.

Par-value Share

A type of share that has a face value or nominal value assigned to it, which is the minimum price at which the shares can be issued.

Secured

A status indicating that a loan or credit has collateral attached to it, ensuring the lender's investment is protected.