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In a 1031 exchange, Ronald exchanged an apartment building with a basis of $100,000 and a fair market value of $125,000 for another apartment building

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In a 1031 exchange, Ronald exchanged an apartment building with a basis of $100,000 and a fair market value of $125,000 for another apartment building with a fair market value of $160,000. What is Ronald's recognized gain? $0 $35,000 $60,000 $25,000 Quiz saved at 3:26p

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