Roscoe receives real estate appraised at $200,000 and cash of $10,000 from Cathy in exchange for his investment realty with a basis of $170,000. Roscoe plans to hold the new realty for investment. What is his recognized gain?
A) $- 0 -
B) $10,000
C) $20,000
D) $30,000
E) $40,000
Correct Answer:
Verified
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