Exercise 15-15 (Algorithmic) (LO. 2) In June 2022, Sue exchanges a sport-utility vehicle (adjusted basis of $117,760; fair market value of $147,200) for cash of $22,080 and a pickup truck (fair market value of $125,120). Both vehicles are held for business use. Sue believes that her basis for the truck is $125,120. Is Sue correct? Why or why not? As part of your response, compute Sue's realized gain or loss (and any recognized gain or loss) on the exchange. Yes She must treat the transaction as a regular sale or exchange Therefore the basis of the new property is $ 17,500 X and Sue has a gain recognized gain of $ Feedback 3,500 X. Check My Work Property that is not like-kind property may result in recognizing a gain.