Shirley Lees exchanged her investment-use real property (FMV $30,000, basis $17,000) and $5,000 for a...
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Accounting
Shirley Lees exchanged her investment-use real property (FMV $30,000, basis $17,000) and $5,000 for a larger piece of investment-use real property (FMV $35,000). What is the gain realized and the gain recognized on the exchange?
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