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A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental

A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house in the mountains with a fair market value of $148,000 and cash of $12,000. What is the recognized gain or loss?

$0 $12,000 $148,000 ($20,000) None of the above

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