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- Tax Drill Giving of Boot Mandy and Timothy exchange land in a like-kind exchange. Mandy receives land with a fair market value of

- Tax Drill Giving of Boot Mandy and Timothy exchange land in a like-kind exchange. Mandy receives land with a fair market value of $28,000 and transfers land worth $20,000 (adjusted basis of $14,000) and cash of $8,000. If an amount is zero, enter "0". Mandy's realized gain is $ and her recognized gain is $

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