LO.2, 6 Amos owns a lathe (adjusted basis of $40,000) that he uses in his business. He

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LO.2, 6 Amos owns a lathe (adjusted basis of $40,000) that he uses in his business. He exchanges the lathe and $20,000 in cash for a new lathe worth $50,000. May Amos avoid like-kind exchange treatment to recognize his realized loss of $10,000? Explain.

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