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3. Nat Company exchanges business use land (FMV=$40,000, basis=$35,000) for other business use land (FMV=$30,000) and received $10,000 cash to even the exchange. What is
3. Nat Company exchanges business use land (FMV=$40,000, basis=$35,000) for other business use land (FMV=$30,000) and received $10,000 cash to even the exchange. What is the recognized gain (loss) on the exchange? $ 10, ( What is the basis of the new land? $35,000
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Auditing And Assurance Services With ACL CD
Authors: McGraw Hill
1st Edition
1259071200, 978-1259071201
