Detail please 31. Diego exchanged land with an adjusted basis of...
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31. Diego exchanged land with an adjusted basis of $60,000 for another parcel of land worth 540,000 plus $15,000 of cash. Diego held the original land for investment purposes and will do the same with the new parcel. Due to the exchange, Diego will recognize A) $0. B) $5,000 gain. C) $5,000 loss. D) $10,000 gain
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