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Lily exchanges a building she uses in her rental business for a building owned by Kendall, which she will use in her rental business. The
Lily exchanges a building she uses in her rental business for a building owned by Kendall, which she will use in her rental business. The adjusted basis of Lilys building is $120,000 and the fair market value is $170,000.
What is her realized gain/loss?
What is her recognized gain/loss?
What is her basis in the new property?
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