Business, 10.11.2019 06:31, hunterl0513

Pam exchanges a rental building, which has an adjusted basis of $520,000, for investment land which has a fair market value of $700,000. in addition, pam receives $100,000 in cash. what is the recognized gain or loss and the basis of the investment land? a. $0 and $420,000.b. $100,000 and $420,000.c. $100,000 and $520,000.d. $280,000 and $700,000.e. none of the above.

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Pam exchanges a rental building, which has an adjusted basis of $520,000, for investment land which...