Jason Owns a Warehouse That Is Used in Business

question 28

Multiple Choice

Jason owns a warehouse that is used in business.The FMV of the warehouse is $200,000 (basis $120,000) ,and the warehouse is subject to a mortgage of $40,000.Jason exchanges the warehouse for land valued at $150,000.The other party also pays him $10,000 cash and assumes the mortgage on the warehouse.Jason's basis in the land received will be

• A)$120,000.
• B)$150,000.
• C)$180,000.
• D)$200,000.

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Definitions:

Mean

In statistics, the mean is a measure of central tendency, calculated by summing all values in a dataset and dividing by the number of values.

Range

The difference between the highest and lowest values in a set of numbers, indicating the spread or dispersion.

Grade Equivalent

A statistical measure used in educational testing to compare a student's performance with the average performance of students at a particular grade level.

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of many types of data where most scores are near the average.