Landry Exchanged Land with an Adjusted Basis of $50,000 for Another

question 37

Multiple Choice

Landry exchanged land with an adjusted basis of $50,000 for another parcel of land worth $35,000 plus $10,000 of cash.Landry held the original land for investment purposes and will do the same with the new parcel.Due to the exchange,Landry will recognize

• A)$10,000 gain.
• B)$5,000 gain.
• C)$5,000 loss.
• D)$0.

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Definitions:

Anxiety

a feeling of worry, nervousness, or unease about something with an uncertain outcome, often reflecting a concern over potential future events.

Risky Activities

Behaviors or actions that involve a significant degree of danger or potential harm to oneself or others.

Peer Behavior

The actions or reactions of individuals of the same age or maturity level, influencing or reflecting social norms or group dynamics.

Adolescents' Perceptions

The way in which adolescents interpret and understand their environments, experiences, and themselves.