Arlington LLC traded machinery used in its business to a machinery dealer for some new...
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Arlington LLC traded machinery used in its business to a machinery dealer for some new machinery. Arlington originally purchased the machinery for $60,000 and it had an adjusted basis of $28,000 at the time of the exchange. The new machinery had a fair market value of $35,000. Arlington also received $2,000 of office equipment in the transaction. What is Arlington's gain or loss recognized on the exchange?
THE ANSWER IS 2,000 - PLEASE SHOW THE WORK
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