Dean exchanges a warehouse with a $120,000 adjusted basis for $40,000 cash and a warehouse with a
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Question:
Dean exchanges a warehouse with a $120,000 adjusted basis for $40,000 cash and a warehouse with a $140,000 FMV. What is the amount of gain which Dean recognizes on the exchange?
Group of answer choices
a. $40,000
b. $60,000
c. $0
d. $20,000
Expert Answer:
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