Arlington LLC Exchanged Land Used in Its Business for Some

Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land it exchanged for $28,500. The new land had a fair market value of $35,250. Arlington also received $2,500 of office equipment in the transaction. What is Arlington'srecognized gain or loss on the exchange?

A) $0.
B) $2,500.
C) $6,750.
D) $9,250.
E) None of the choices are correct.

Correct Answer:

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