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2. Julio exchanges land used in his business for a different parcel of land to be used in his business. His adjusted basis for the

2. Julio exchanges land used in his business for a different parcel of land to be used in his business. His adjusted basis
for the land is $325,000; the fair market value is $310,000. The fair market value of the new parcel of land is
$300,000. In addition, Julio receives cash of $10,000. Calculate Julios realized and recognized gain or loss and his
adjusted basis for the assets received.

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