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Kim owns equipment that is used exclusively in her business. The equipment has an adjusted basis of $ 1 1 , 2 0 0 (
Kim owns equipment that is used exclusively in her business. The equipment has an adjusted basis of $FMV $ Kim
transfers the equipment and $ cash to David for other equipment also used for business purposes that has an FMV of $
Required:
a What is Kim's recognized gain or loss on the exchange?
b What is Kim's adjusted basis in the equipment?
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