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During the current year, Karina exchanges land used in her business for a similar land in a like-kind exchange. Karina's land had an adjusted basis
During the current year, Karina exchanges land used in her business for a similar land in a like-kind exchange. Karina's land had an adjusted basis of $8,000, and she received land worth $12,000 and $2,000 cash. What is Karina's realized gain, recognized gain, and basis in the new land
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