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Ed gave up business land (cost $30,000; FMV $120,000) and marketable securities (cost $8,000) and got, in exchange, other business land (FMV $150,000). What is

Ed gave up business land (cost $30,000; FMV $120,000) and marketable securities (cost $8,000) and got, in exchange, other business land (FMV $150,000). What is Eds recognized gain/loss on the exchange?

1. $ 0 gain/loss

2. None of the answers provided is correct.

3. $112,000 gain

4. $ 82,000 gain

5. $ 22,000 gain

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