Robert Trades an Office Building Located in Tennessee to John

question 28

Multiple Choice

Robert trades an office building located in Tennessee to John for an apartment complex located in New Jersey.Details of the two properties:
In addition,John pays Robert $3,000,000 cash as part of this transaction.What is the gain (loss) recognized by Robert in this transaction and what is his basis in the New Jersey property?
Gain Recognized Adjusted Basis

• A)$6,000,000 $4,000,000
• B)$5,000,000 $3,000,000
• C)$3,000,000 $2,000,000
• D)$5,000,000 $4,000,000
• E)Some other amounts

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Definitions:

Pelvic Bone Structure

The complex structure in the lower part of the torso, comprised of several bones including the sacrum and coccyx which support the spinal column and hips.

Holocene Epoch

The current geological epoch, starting approximately 11,700 years ago, following the last major ice age and characterized by the development of human civilizations.

Large Mammals

A categorization for mammals that are considerably larger than most other species, often including animals like elephants, whales, and bears.

Humans

A species of bipedal primates belonging to the genus Homo, particularly Homo sapiens, characterized by advanced cognitive abilities.