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Bud exchanges land with an adjusted basis of $22,000 and a fair market value of...

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Question

Accounting

Bud exchanges land with an adjusted basis of $22,000 and a fair market value of $30,000 for another parcel of land with a fair market value of $28,000 and $2,000 cash. What is Bud's recognized gain or loss?

a.$0

b.$2,000

c.$6,000

d.$8,000

Answer & Explanation Solved by verified expert
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