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Chaney exchanges land used in her business for another parcel of land. The adjusted basis for her land is $32,000. The land she will receive

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Chaney exchanges land used in her business for another parcel of land. The adjusted basis for her land is $32,000. The land she will receive has a fair market value of $33,000. In addition, Chaney receives cash of $4,000. a. Calculate Chaney's realized and recognized gain or loss. 5. b. Calculate Chaney's basis for the assets she received

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