Pam exchanges a rental building, which has an adjusted basis of$520,000, for investment land which has a fair market value of$700,000. In addition, Pam received $100,000 in cash. What is therecognized gain or loss and the basis of the investment land?
a. $0 and $420,000
b. $100,000 and $420,000
c $100,000 and 520,000
d. $280,000 and $700,000
Pam exchanges a rental building, which has an adjusted basis of $520,000, for investment land which has a fair market va
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