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Jenski owed Blue Bank $ 7 5 , 0 0 0 on a note secured by land. Jenski s basis in the land is $

Jenski owed Blue Bank $

75, 000

on a note secured by land. Jenski

s basis in the land is $

30, 000 .

The land

fair market value is $

75, 000 .

The bank agrees to accept the land for the balance owed on the note. Jenski

recognizes how much taxable income?

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