Glendale Company traded land with a value of $29,500 and a tax basis of $18,000 for land in a different location valued at $27,500. To equate the value of the property exchanged, the other party also paid Glendale $2,000 cash. All Like kind exchange criteria was met. What is Glendale's recognized gain on the exchange? None of the choices are correct.
a. $2,000
b. $0.
c. $29,500
d. $27,500
