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Business, 20.06.2020 22:57 meccadm

Mario transferred real estate with an adjusted basis of $140,000 for similar real estate with a fair market value of $160,000. The exchange qualified as a like-kind exchange. The realized gain on the exchange was $1 of 3. The recognized gain on the exchange was $2 of 3. Mario's adjusted basis in the real estate received is $3 of 3.

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