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Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $34,500. The new land had a fair

Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $34,500. The new land had a fair market value of $38,250. Arlington also received $8,500 of office equipment in the transaction. What is Arlington's gain or loss recognized on the exchange?

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