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Gail exchanges an office building with a $80,000 adjusted basis for an airplane with a $120,000 FMV. The office building was originally purchased for $50,000.

Gail exchanges an office building with a $80,000 adjusted basis for an airplane with a $120,000 FMV. The office building was originally purchased for $50,000. Both assets are used for business purposes. What is Gail's recognized gain, if any?

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