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Joshua owns undeveloped land that has an adjusted basis of $45,000. He exchanges it for other undeveloped land with a FMV of $70,000. (If there

Joshua owns undeveloped land that has an adjusted basis of $45,000. He exchanges it for other undeveloped land with a FMV of $70,000. (If there is no gain or loss, select "No gain/loss".) a. What are his realized and recognized gain or loss on the exchange? b. What is his basis in the acquired land?

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