Question 7. 7. (TCO 11) A taxpayer exchanges a rental house at the beach with an

Question

Question 7. 7. (TCO 11) A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house in the mountains with a fair market value of $148,000 and cash of $12,000. What is the recognized gain or loss? (Points : 2)

       $0
       $12,000
       $148,000
       ($20,000)
       None of the above

Question 7. 7. (TCO 11) A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house in the mountains with a fair market value of $148,000 and cash of $12,000. What is the recognized gain or loss? (Points : 2)

Explanation / Answer

$0

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