Will exchanges a building with a basis of $35,000, and subject to a liability of $30,000, for land with a FMV of $50,000 owned by Jane. Jane takes the land subject to the liability. The amount realized by Will is
A) $30,000.
B) $35,000.
C) $50,000.
D) $80,000.
D) $80,000.
FMV of land received $50,000 + liability transferred to other party $30,000 = $80,000.
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