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Jane has an apartment complex with an adjusted basis of $250,000. She exchanges this complex for vacant land that Jason holds. The vacant land has

Jane has an apartment complex with an adjusted basis of $250,000. She exchanges this complex for vacant land that Jason holds. The vacant land has an adjusted basis of $175,000 and a fair market value of $300,000.

What is Jane's recognized gain or loss on the exchange if no boot property was received?

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