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Question

Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $29,000. The new land had a fair market value of $35,500. Arlington also received $3,000 of office equipment in the transaction. What is Arlington's gain or loss recognized on the exchange?

Multiple Choice

  • None of the choices are correct.
  • $9,500.
  • $3,000.
  • $6,500.
  • $0.

 

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