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This topic is from the Southwestern Federal Taxation Book Topic : Like - Kind property Land A = Fair Market Value = 225,000 Adjusted basis

This topic is from the Southwestern Federal Taxation Book

Topic : Like - Kind property

Land A = Fair Market Value = 225,000

Adjusted basis = 190, 000

Land B = fair Market Value =225,000

Adjusted basis = 140,000

What is the Amount realized , Adjusted basis . Realize loss or Gain ? Reognized gain Or Loss ? Please explain ? if the two land was to exchange under like kind property law

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