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Broad Inc. engaged in a like-kind exchange with the following data: basis of old asset is $10,000, fair market value of the new asset is
Broad Inc. engaged in a like-kind exchange with the following data: basis of old asset is $10,000, fair market value of the new asset is $11,000 and the amount of cash received is $1,000. What is the $ amount of taxable gain or (loss) recognized as a result of this transaction?
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