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27. Alex and Adam exchange business machines. Alex exchanges a business use machine with an adjusted basis of $47,000 and a fair market value of
27. Alex and Adam exchange business machines. Alex exchanges a business use machine with an adjusted basis of $47,000 and a fair market value of $55,000 for Adams business use machine with a fair market value of $51,000 and an adjusted basis of $25,000. Adam also gives Alex $4,000 cash to equalize the transaction. Calculate Adams realized gain (loss). Calculate Adams recognized gain (loss). (6 points)
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