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Jeff Jones exchanged an office building he used in his business for a rental house. Jeff originally purchased the building for $400,000, and it had
Jeff Jones exchanged an office building he used in his business for a rental house. Jeff originally purchased the building for $400,000, and it had an adjusted basis of $300,000 at the time of the exchange. The rental house had a fair market value of $250,000. No cash or other property was paid or received by Jeff in the exchange. What is Jeff's recognized gain or loss on the exchange? (Please enter a gain as a positive number and a loss as a negative number)
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