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Milly exchanges a rental house at the lake with an adjusted basis of $150,000 and a fair market value of $240,000 for a rental house
Milly exchanges a rental house at the lake with an adjusted basis of $150,000 and a fair market value of $240,000 for a rental house at the mountains with a fair market value of $200,000 and cash of $90,000. What is the recognized gain or loss?
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