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Roscoe receives real estate appraised at 200,000 and cash 10,000 from Cathy in exchange for his investment realty with a basis of 170,000. a) What
Roscoe receives real estate appraised at 200,000 and cash 10,000 from Cathy in exchange for his investment realty with a basis of 170,000.
a) What is his recognized gain?
b) What is basis in the new real estate?
c) What is the amount realized for the property given up by Roscoe?
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