Jack exchanged land with an adjusted basis of $65,000 subject to a liability of $22,000 for $50,000 (FMV)of stock owned by Hayden.Hayden takes the land subject to the liability.Jack incurs $500 of selling expenses.What is the amount of Jack's realized gain on the exchange?
A)($14,000)loss
B)($14,500)loss
C)$6,500 gain
D)$7,000 gain

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The Answer of Jack exchanged land with an adjusted basis of $65,000 subject to a liability of $22,000 for $50,000 (FMV)of stock owned by Hayden.Hayden takes the land subject to the liability.Jack incurs $500 of selling expenses.What is the amount of Jack's realized gain on the exchange?
A)($14,000)loss
B)($14,500)loss
C)$6,500 gain
D)$7,000 gain

Jack Exchanged Land with an Adjusted Basis of $65,000 Subject