Question: Question 23 (4 points) Hogan exchanged a business-use storage building having an original cost of $100,000 and accumulated depreciation of $30,000 for a business-use

Question 23 (4 points) Hogan exchanged a business-use storage building having an original cost of $100,000 and accumulated depreciation of $30,000 for a business-use

Question 23 (4 points) Hogan exchanged a business-use storage building having an original cost of $100,000 and accumulated depreciation of $30,000 for a business-use building owned by Baker having a fair market value of $80,000 plus $1,000 cash. Baker assumed a $2,000 outstanding debt on the storage building. What taxable gain should Hogan recognize? $70,000 $3,000 $11,000 $10,000

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