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Required information [The following information applies to the questions displayed below.] Metro Corporation traded Building A for Building B. Metro originally purchased Building A for
Required information [The following information applies to the questions displayed below.] Metro Corporation traded Building A for Building B. Metro originally purchased Building A for $50,000, and Building A's adjusted basis was $25,000 at the time of the exchange. What is Metro's realized gain or loss, recognized gain or loss, and adjusted basis in Building B in each of the following alternative scenarios? Note: Loss amounts should be indicated by a minus sign. Input all other amounts as positive values. Leave no answer blank. Enter zero is applicable. a. The fair market value of Building A and of Building B is $40,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange. a. The fair market value of Building A and of Building B is $40,000 at the time of the exchange. The exchange does no qualify as a like-kind exchange
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