38-41. X Corporation exchanged a warehouse located in New York for a warehouse located in...
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Accounting
38-41. X Corporation exchanged a warehouse located in New York for a warehouse located in New Jersey. The adjusted basis of the New York warehouse was $30,000. The fair market value of the New Jersey warehouse just prior to the exchange was $25,000. In addition to the warehouse, X Corporation also received $8,000 in cash.
The amount realized by X Corporation is: Group of answer choices
a. $8,000
b. $33,000
c. $25,000
d. Zero
e. None of the above Flag question: Question 3
39 Question 391.5 pts The gain realized by X Corporation is:
Group of answer choices
a. $5,000
b. Zero
c. $3,000
d. None of the above
40 Question 401.5 pts The gain recognized by X Corporation on the exchange is:
Group of answer choices
a. $8,000 b.
$3,000
c. Zero
d. None of the above
41 Question 411.5 pts The basis for X Corporation in the property received, the warehouse in New Jersey, is:
Group of answer choices
a. $33,000
b. $30,000
c. $25,000
d. None of the above
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