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a. XYZ Corporation exchanges a warehouse located in Michigan (fair market value of $525,000 and adjusted basis of $450,000) for a warehouse located in Ohio

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a. XYZ Corporation exchanges a warehouse located in Michigan (fair market value of $525,000 and adjusted basis of $450,000) for a warehouse located in Ohio (adjusted basis of $350,000; fair market value of $525.000). Calculate (1) the amount of gain or loss that is realized by XYZ Corporation on the exchange, (ii) the amount of gain or loss that is recognized by XYZ Corporation on the exchange and (iii) the basis of the warehouse acquired. b. Assume that the fair market value of the Ohio warehouse in only $425,000 and that, in addition to the warehouse, XYZ Corporation also received $100,000 in cash. Calculate (i) the amount of gain or loss that is realized by XYZ Corporation on the exchange, (ii) the amount of gain or loss that is recognized by XYZ Corporation on the exchange and (iii) the basis of the warehouse acquired

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