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In which of the following exchange transactions would a company recognize losses immediately but defer any gains? Select answer from the options below an exchange

In which of the following exchange transactions would a company recognize losses immediately but defer any gains? Select answer from the options below an exchange that lacks commercial substance and in which no cash is received an exchange that has commercial substance and in which no cash is received an exchange that has commercial substance and in which cash is received an exchange that lacks commercial substance and in which cash is received

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