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For the following question, provide an explanation of the correct answer and why the other choices are incorrect. 2) Marsha exchanged land in Florida with

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For the following question, provide an explanation of the correct answer and why the other choices are incorrect. 2) Marsha exchanged land in Florida with an FMV of $72,700 and an adjusted basis of $40,000 for land in lowa with an FMV of $57,700. Marsha also paid $5,000 cash in the transaction and received an automobile worth $20,000. What is Marsha's recognized gain on the transaction? A. $0 B. $15,000 C. $20,000 D. $32,700

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