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What is Marsha recognized gain on the transaction

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Reference no: EM132660054

Problem - Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in Iowa with an FMV of $57,700. Marsha also assumed a $5,000 liability on the land received in the transaction and was relieved of a $20,000 liability on the land that was given up. What is Marsha's recognized gain on the transaction?

a. $0

b. $15,000

c. $20,000

d. $32,700

Reference no: EM132660054

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