29. Pam exchanges a rental building, which has an adjusted basis of $420,000, 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 a - d are correct 30. Angela, who is a single individual, rented an apartment on 72nd Street in New York City ("the apartment") on January 1 of Year 1. This was the only residence in which she lived. Two years later (January 1 of year 3) Angela purchased the same apartment from the owner for $1,200,00. 6 months later (July 1 of Year 3) Angela was told by her physician that she should move out of New York City permanently due to an underlying raspatory medical condition which made the New York City air quality and population density particularly dangerous for Angela. As a result, Angela put her apartment on the market and moved immediately to Arizona. The apartment sold on January 1 of Year 4 for $1,420,000 sale price, and Angela incurred S30,000 of selling expenses. How much income, if any, will Angela recognize from the sale of the apartment? b. 565.000 S95.000 d. S220.000 e. None of and is an amount Angela will recognize