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Katrina owns undeveloped land with an adjusted basis of $241,875. She exchanges it for undeveloped land worth $537,500. Assume that Katrina holds the land as
Katrina owns undeveloped land with an adjusted basis of $241,875. She exchanges it for undeveloped land worth $537,500. Assume that Katrina holds the land as an investment. If an amount is zero, enter "0". a. What are Katrina's realized and recognized gain or loss? Her realized is $ and her realized is $ b. What is Katrina's basis in the undeveloped land she receives? $ C. Would the answers in parts (a) and (b) change if Katrina exchanged the undeveloped land for land and a building? because the property like-kind property
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