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John exchanged land used in his business for a different parcel of land to be used in his business. His adjusted basis for the land
John exchanged land used in his business for a different parcel of land to be used in his business. His adjusted basis for the land is $3,250,000 and the fair market value is $3,100,000. The fair market value of the new parcel of land is $3,000,000. In addition, John received cash of $100,000. What is Johns realized and recognized gain or loss and his adjusted basis for the assets received.
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