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Teco Incorporated and MW Company exchanged like-kind assets. Teco's asset had an $80,000 FMV and...

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Accounting

Teco Incorporated and MW Company exchanged like-kind assets. Teco's asset had an $80,000 FMV and $53,900 adjusted tax basis, and MW's asset had an $87,500 FMV and a $28,100 adjusted tax basis. Teco paid $7,500 cash to MW as part of the exchange. Which of the following statements isfalse?

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