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What amount of gain should recognized in income tax return

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Reference no: EM131812860

Question - Joan Reed exchanged commercial real estate that she owned for other commercial real estate plus cash of $50,000. The following additional information pertains to this transaction:

Property given up by Reed:

Fair Market Value $500,000

Adjusted Basis 300,000

Property received by Reed:

Fair Market Value 450,000

What amount of gain should be recognized in Reed's income tax return?

a. $200,000

b. $150,000

c. $50,000

d. $0

Reference no: EM131812860

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