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In general, gains on exchanges of nonmonetary assets are never recognized, although losses always are. never recognized, and neither are losses. deferred and recognized over

In general, gains on exchanges of nonmonetary assets are

never recognized, although losses always are.

never recognized, and neither are losses.

deferred and recognized over the life of the newly-acquired asset, although losses are recognized immediately.

accounted for on the same basis as monetary transactions, unless certain specific conditions are met.

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