Rolf exchanges an office building worth $150,000 for investment land worth $175,000. He also provided stock worth $25,000. Rolf's adjusted basis in the building and stock is $130,000 and $11,000, respectively. How much gain will Rolf recognize on the exchange?
A) $0
B) $14,000
C) $20,000
D) $34,000
B) $14,000
This transaction qualifies as a like-kind exchange with boot paid by the taxpayer. The stock exchanged by Rolf is not qualifying like-kind property so its gain must be recognized in the normal manner.
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Which of the following factors contributes to higher unit costs during the introduction stage of
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Answer the following statement true (T) or false (F)