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Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $35,500. The new land had a fair
Arlington LLC exchanged land used in its business for some new land. Arlington originally purchased the land for $35,500. The new land had a fair market value of $38,750. Arlington also received $9,500 of office equipment in the transaction. What is Arlington's gain or loss recognized on the exchange? Multiple Choice $3,250 SO. $12,750. None of the choices are correct. $9,500
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