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Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $38,000. the new land had a fair

Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $38,000. the new land had a fair market value of $40,000. Arlington also received $12,000 of office equipment in the transaction. what is Arlington gain or loss recognized on the exchange? $0 $12,000 $2,000 14,000 none of the choices are correct

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