Joseph exchanged land (tax basis of $36,000), that he had held for 4 years as...
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Accounting
Joseph exchanged land (tax basis of $36,000), that he had held for 4 years as an investment, for similar land valued at $40,000 which was owned by Adrian. In connection with this transaction, Adrian assumed Joseph's $12,000 mortgage. As a result of this transaction Joseph should report a long-term capital gain of
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