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John and Jane exchange land in a like kind exchange. Johns land with an adjusted basis of 35,000 has a FMV of $39,000. Janes land

John and Jane exchange land in a like kind exchange. Johns land with an adjusted basis of 35,000 has a FMV of $39,000. Janes land has a FMV of $37,000. Jane also gives John cash of $2,000.

Compute Johns realized gain if any:

Compute Johns recognized gain if any:

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