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10. Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in Iowa with an FMV of
10. Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in Iowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction and received an automobile worth $20,000. What is Marsha's recog- nized gain on the transaction? a. $O b. $15,000 c. $20,000 d. $32,700
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Cost Accounting
Authors: M.E. Thukaram Rao
3rd Edition
8122433820, 978-8122433821
