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Maud exchanges a rental house at the beach with an adjusted basis of $240,000 and a fair market value of $220,000 for a rental house

Maud exchanges a rental house at the beach with an adjusted basis of $240,000 and a fair market value of $220,000 for a rental house at the mountains with a fair market value of $190,000 and cash of $30,000. What is the recognized gain or loss? a. $0. b. $20,000. c. $30,000. d. ($20,000). e. None of the above

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