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Sunny exchanges land with an adjusted basis of $33,000 and a fair market value of $45,000 for another parcel of land with a fair market

Sunny exchanges land with an adjusted basis of $33,000 and a fair market value of $45,000 for another parcel of land with a fair market value of $42,000 and $3,000 cash. What is Sunny's recognized gain or loss? a. $9,000 b. $12,000 c. $0 d. None of the choices presented are correct. e. $3,000

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