B transfers investment land with an adjusted basis of $70,000 for other investment land with a fair market value of $50,000 plus $12,000 in cash.B recognizes how much gain or loss?
A)$20,000 loss
B)$8,000 loss
C)$12,000 gain
D)No gain or loss is recognized.

Question

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The Answer of B transfers investment land with an adjusted basis of $70,000 for other investment land with a fair market value of $50,000 plus $12,000 in cash.B recognizes how much gain or loss?
A)$20,000 loss
B)$8,000 loss
C)$12,000 gain
D)No gain or loss is recognized.

B Transfers Investment Land with an Adjusted Basis of $70,000