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Paul exchanges business land with an $80,000 adjusted basis for $15,000 cash and business land with a $75,000 FMV. What is the amount of gain

Paul exchanges business land with an $80,000 adjusted basis for $15,000 cash and business land with a $75,000 FMV. What is the amount of gain recognized on the exchange? Show work.

A) $0

B) $5,000

C) $10,000

D) $15,000

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