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In 20x6, Rocket corporation exchanged an apartment complex in Frisco (purchased in 20x2; cost $600,000; adjusted basis $400,000) for an apartment complex in Austin (FMV

In 20x6, Rocket corporation exchanged an apartment complex in Frisco (purchased in 20x2; cost $600,000; adjusted basis $400,000) for an apartment complex in Austin (FMV $900,000). iN 20X9, after deducting $80,000 of depreciation, Rocket sells the apartment complex for $950,000. Which of the following statements is true regarding these transaction?

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