2. During the current year, Wallace traded a tractor used in his construction business for another tractor for the same use. On the date of the trade, the old tractor had an adjusted basis of $4000 and a fair market value of $4,400. Mr. Wallace received in exchange $600 in cash and a similar tractor with a fair market value of $3,800.(10 Points) Required: What should Wallace report as a gain on the exchange in his income tax return? Show computation