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ABC Corp. exchanges land with a basis of $40,000 and a FMV of $50,000, for a residential building with a FMV of $50,000. A. ABCs

ABC Corp. exchanges land with a basis of $40,000 and a FMV of $50,000, for a residential building with a FMV of $50,000.

A. ABCs Recognized Gain:

B. ABCs Basis in new building:

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