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Brock Exchanges Property with an Adjusted Basis of $40,000 Subject

Question 70

Multiple Choice

Brock exchanges property with an adjusted basis of $40,000 subject to a mortgage of $20,000 for other property owned by Reese with a fair market value of $80,000. Reese assumes the mortgage. No cash or other assets were part of the trade. Brock's amount realized is


A) $40,000
B) $50,000
C) $80,000
D) $90,000
E) $100,000

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