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3) Porter exchanges land used in his business in a like-kind exchange. The property exchanged is as follows Property Surrendered Property Received Adi. Basis FMV

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3) Porter exchanges land used in his business in a like-kind exchange. The property exchanged is as follows Property Surrendered Property Received Adi. Basis FMV Adi. Basis FMV Land 50000 60000 28000 30000 Cash 25000 25000 5000 5000 What is Porter's recognized gain or loss? a. What is Porter's basis for the assets he received

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