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11. Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in lowa with an FMV of

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11. Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in lowa with an FMV of $57,700. Marsha also assumed a $5,000 liability on the land received in the transaction and was relieved of a $20,000 liability on the land that was given up. What is Marsha's recognized gain on the transaction? a. $0 b. $15,000 c. $20,000 d. $32,700

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