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Joshua owns undeveloped land that has an adjusted bass of $47500. He exchanges it for other undeveloped land with a FMV of $73750. (If no

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Joshua owns undeveloped land that has an adjusted bass of $47500. He exchanges it for other undeveloped land with a FMV of $73750. (If no gain or loss is recognized, 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? b. Basis of land

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