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Firm M exchanged an old asset with a $17,200 tax basis and a $40,000 FMV...

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Accounting

Firm M exchanged an old asset with a $17,200 tax basis and a $40,000 FMV for a new asset worth $28,000 and $12,000 cash.Required:If the exchange is nontaxable, compute Firm Ms realized and recognized gain and tax basis in the new asset.How would your answers change if the new asset were worth only $16,500, and Firm M received $23,500 cash in the exchange?

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