Pam Exchanges a Rental Building,which Has an Adjusted Basis of $520,000,for

question 82

Multiple Choice

Pam exchanges a rental building,which has an adjusted basis of $520,000,for investment land which has a fair market value of $700,000.In addition,Pam receives $100,000 in cash.What is the recognized gain or loss and the basis of the investment land?

• A)$0 and $420,000.
• B)$100,000 and $420,000.
• C)$100,000 and $520,000.
• D)$280,000 and $700,000.
• E)None of these.

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