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Problem 14-40 (LO. 1, 2, 3) Rod Clooney purchases Kayla Mitchell's sole proprietorship for $990,000 on August 15, 2021. The assets of the business are:

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Problem 14-40 (LO. 1, 2, 3) Rod Clooney purchases Kayla Mitchell's sole proprietorship for $990,000 on August 15, 2021. The assets of the business are: a. Calculate Kayla's realized and recognized gain. Kayla's realized on the sale is 5 , and her recognized on the sale is $

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