Grant exchanges a parcel of land for a building. Both are investment properties for Grant. In addition to the building, which has a basis of $12,000, Grant receives $10,000 cash. The parcel of land has a fair market value of $22,000 and an adjusted basis of $10,000. What is Grant's recognized gain or loss due on this transaction?
A. $-0-
B. $10,000
C. $12,000
D. $16,000
E. $22,000
Answer: B
Business
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